Ideas doubles profit after billing cycle change
- 26 March, 2010 15:52
IT intelligence company Ideas International (ASX:IDE) nearly doubled its net profit to $997,000 in 2009.
The company changed billing cycles to accrue annual subscription revenue on a monthly basis, moving revenue out of 2008 and into 2009. This increased revenue for 2009 by $256,000.
Organic revenue grew 1% to $6.9 million, while unearned revenue carried into 2010 also increased slightly.
CEO Stephen Bowhill said Ideas had taken as many steps as possible to defend its business from the strong Australian dollar.