Maxima - the West Midlands software and IT specialist - yesterday posted a 50 per cent rise in operating profits in its maiden results statement to the stock market.
The firm, which has offices in Birmingham and Cheltenham, said operating profits for the year to May 31 came in at £2.2 million, while revenue rose 13.7 per cent to £14.1 million.
Maxima said the results were ahead of expectations set at the time of its flotation on the Alternative Investment Market on November 24. The maiden dividend was set at 1.5p per share.
Chairman Mike Brook said: "Maxima has enjoyed a successful debut as a public company, with Azur, its first trading business, exceeding the expectations set at the IPO in November 2004."
He added: "We remain focused on our strategy of growing the business by acquisition.
"The board believes that there are considerable opportunities to create shareholder value through consolidation opportunities within the IT industry and looks to the future with confidence."
Maxima floated on AIM at an issue price of 110p and acquired Azur Holdings, a professional services group, on the same day. Azur has over 300 clients, many with multiple sites in the UK and internationally.
Mr Brook said: "At the time of flotation, sufficient funds were raised to make our first acquisition, Azur Holdings, for a combination of cash and shares in Maxima.
"Since that time we have been active in building up a pipeline of acquisition opportunities and, although mindful of the need to deliver the strategy we set out at flotation, we are also clear on the need for realistic valuations commensurate with acceptable risks, this being very much in the interests of our shareholders.
"Nevertheless, we strongly believe that the acquisition opportunities we foresaw at the time of flotation still do exist and we are currently engaged in active discussions with several of them."
Unveiling Maxima's second acquisition, he told shareholders: "I believe the business will continue to deliver shareholder value by striking a careful balance between investment and attentive servicing of existing customers.
"But I expect results in the coming year to be positively transformed by the acquisitions that Maxima anticipates completing."
Maxima has acquired Ringwood Group, a supplier of web-based content management and document archiving software, in a deal worth £2.9 million.