15th Jan 2014 11:07
LONDON (Alliance News) - Fusionex International PLC Wednesday reported an increase in profit and revenue for the year ended September 30, 2013, its first full-year results since listing on AIM in 2012.
The big data solutions provider posted pretax profit of MYR20.5 million for the period ended September 30, up 36% from MYR15.1 million a year earlier. Gross profit increased 48% to MYR34.3 million, from MYR23.3 million in 2012.
Fusionex said amortisation cost increased to MYR1.1million from MYR0.63million in 2012, with product enhancements costs that had been capitalised being charged out as amortisation over the year, when the relevant product enhancements were commercialised in the year.
Revenue also increased 42% to MYR44.4 million, from MYR31.3 million despite its service division seeing a 21% decline in revenue, in line with the group's strong focus on products rather than services.
The firm said it has encouraged its customers to leverage its self-service tools to implement solutions.
"This increased focus on products afford the group to accelerate its product development which will bring immediate and long term growth," it said.
Fusionex said the Asia Pacific region, being a burgeoning economic region, was the main contributor to the group's revenue and its contribution amounted to 78% of the total revenue.
In December, the firm launched its big-data analytics software solution called GIANT, following a test phase with customers earlier in 2013.
Big data is the term for a collection of data sets so large and complex that it becomes difficult to process using manual database management tools or traditional data-processing applications.
The firm has since signed a strategic partnership with Cloudera and Hortonworks, two Hadoop distribution platform providers, which in conjunction with GIANT provide a complete enterprise Big Data offering to organisations. Hadoop is open-source software for distributed computing.
Fusionex said it had cash and cash equivalent at the end of the period of MYR2.4 million, up from MYR10.3 million in September 2012.
Looking ahead, the firm said its remains confident that continued investment in sales and marketing initiatives, sales pipeline conversion, and the creation of an indirect sales channel will continue to accelerate growth.
The board also said intends to announce an interim dividend for the year ending September 30, 2014.
The stock was trading at 507.80 pence Wednesday morning, down 18.20 pence or 3.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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