ICSGlobal reports maiden $204k profit

IT consulting and e-business services company ICSGlobal (ASX:ICS) swung to a maiden profit of $204,000 in FY11.

The company lifted its revenue from continuing operations by 35.6% to $1.7 million, led by a 69% increase in revenue from the UK in local currency terms. The contribution would have been higher were it not for an 18% increase in the value of the AUD against the pound sterling during the year.

In its financial report, ICSGlobal said it is well-placed to expand its UK business this financial year.

In Australia, the company concentrated on streamlining its operations, and now no longer employs any full-time executives here.

Earnings were also lifted by the first proceeds from the sale of ICSGlobal's Australian Thelma e-health business, worth up to $1.25 million.

But ICSGlobal said it is searching for new Australian acquisition opportunities, with the caveat that any purchase has to complement its UK business and other existing assets.

The report states that the company is “now in its strongest financial position in over a decade.”

ICS shares stayed flat on Thursday at $0.015.