IDBS has reported a 20 per cent increase in revenues for the six months ended 30 June 2010, compared to the same period in the previous year. Revenues reached $20.3m, with profit before tax also growing strongly.
These results follow the progress made in 2009, for which IDBS reported 12 per cent revenue growth to $36.4m, with the company sustaining healthy underlying profitability and margins and completing the cash acquisition of InforSense in June 2009.
Excluding the impact of InforSense, underlying revenue growth was well into double digits, with underlying profit before tax significantly up on the first half of last year. This reflects growing and recurring revenues from existing customers as well as projects completed for new customers.
Revenue for the first half of 2010 benefited from a strong product performance in the company's core pharmaceuticals market where organisations are seeking to improve the effectiveness of their business processes and the use of high-value data. Key to growth for the period was the implementation of significant projects, involving the E-WorkBook Suite, at a number of major companies for drug formulation and preclinical development, and at a contract manufacturer of biologics for process development improvement.
Software sales for the period grew by 44 per cent on the first half of 2009, with maintenance revenues increasing by 13 per cent and professional services by 25 per cent.
'R&D companies and healthcare organisations recognise the strategic value of IDBS in process improvement projects, enhancing regulatory compliance and research collaboration,' said Neil Kipling, founder and CEO of IDBS. 'Our reputation and market leadership are based on our data management expertise and solutions combined with an unrivalled understanding of scientists, the R&D process and the needs of our customers. We are continuing to invest in the business and to strengthen our relationships with existing and new customers. As a result, we are confident that IDBS is on track to achieve its best ever financial performance in 2010 and to continue to make strong progress thereafter.'
