Midland software company Innovise has reported a huge jump in half year sales after benefiting from three takeovers last year.
The Brierley Hill-based company saw its turnover increase to £7.9 million in the six months to March 31, compared with £4.5 million in the first half of 2009.
Its operating profit before interest, tax and amortisation was £574,000, compared to £677,000 in the same period last year.
Chairman Vin Murria said the company had begun to benefit from the takeovers of Abilitec, Infrasolve and Harbrook last year, as well as the improving marketplace.
She said: “While the general business environment remains challenging, I am pleased to report that Innovise delivered solid results for the period by maintaining a sharp focus on disciplined financial management and optimisation of its growing business streams.
“Our turnover increased by more than 75 per cent compared with HI of 2009, reflecting the three strategic acquisitions we made during calendar year 2009. The restructuring of our enlarged business into two distinct and aligned operating divisions - Innovise Enterprise Service Management (ESM) and Innovise Software & Solutions - has now been successfully completed.
“While operating profit before interest, tax and amortisation of intangible assets was down to £574,000 from the record £677,000 achieved in the first half of 2009, the board considers this to be a very competitive and encouraging performance in view of the difficult market conditions.”
Innovise has completed another takeover deal in recent months – adding Hertfordshire-based identity card firm Identifile Systems to its growing stable of companies.
At the time of acquisition, the business had a turnover in the region of £550,000.
Chief executive Mike Taylor said: “We are confident that Innovise will make Identifile an earnings-enhancing acquisition from the current financial year owing to the synergies available to the combined businesses.
“And while it is one of our smaller acquisitions, it will add further value to our total customer offering. Identifile’s software solutions fit neatly into our existing sales activity within the global facilities management marketplace.”