First sales of next generation software, joono, helpts to lift revenues by 13% in the first half
Cash machine advertising software developer i-design has reported a 13 per cent rise in turnover for the first half to £1.6 million.
Operating profits for the six months to March 31 were £44,000, turning around a loss of £106,000 reported for the same period a year ago.
A new contract with an unnamed Canadian bank last November was the first major sale of i-design's next generation software, joono, which lifted results to a pre-tax profit of £45,000 for the first half.
This compares with a first-half pre-tax loss of £105,000 reported last year.
Joono was launched in July 2011 to replace i-design's existing atmAd ATM software.
The new software allows banks to communicate with customers through mobile phones and plasma screens in addition to ATMs and self-service machines, enabling management of digital marketing communications centrally on a single platform.
Last December i-design posted its first profit ahead of target, with maiden pre-tax profits of £151,000 on a 62 per cent rise in revenues to £3.52 million for the year to September 30, 2011.
The company secured significant new contracts with Barclays Bank for its 4,000 UK ATMs last year and with YourCash for 6,000 UK ATM machines and a further 600 in the Netherlands.
I-design is currently carrying no debt and and had net cash at the year end of £0.81 million.
The company recently secured a “major” new contract with First Data as well as an additional 3,000 software licenses to existing customers, Barclays Bank and Cardtronics Inc.
I-design's total licensed ATM and self-service estate now stands at 28,000 devices compared with 21,500 devices at 30 September 2011.
Chairman James Faulds said: “I am pleased to report that i-design's performance in the first half of the financial year has been encouraging, with revenues 13 per cent ahead at £1.6 million, generating a pre-tax profit of £45,000 compared to a loss of £105,000 in the same period last year.
“Results include the benefit of our contract win with a leading Canadian bank, which has deployed our marketing software solution, joono, across its entire estate.
“The second half of the year has started well. We signed a significant agreement with FDR Limited, part of First Data Corporation, marking the third sale of joono to a major ATM operator.
“Two of our existing customers, Barclays and Cardtronics, also purchased 3,000 additional software licences between them.
“With £0.81m net cash and no bank debt, i-design's financial position remains robust. This, together with the significant growth opportunities available to the group, means that we view the future positively.”