27th May 2015 08:47
LONDON (Alliance News) - Software firm Fusionex International PLC Wednesday reiterated confidence for continued growth in its full year, as it posted a rise in pretax profit for the first half.
For the half year to end-March, Fusionex recorded a pretax profit of MYR14.3 million, up from MYR8.2 million a year before, as revenue rose to MYR31.6 million from MYR25.0 million.
Fusionex attributed its revenue growth to growing sales of its Big Data analytics software GIANT. It secured a further 14 contract wins for GIANT during the half year, taking the total of contracts secured since it launched the product to 25. It is targeting 30 contract wins by the end of its current financial year.
Notable contract wins included one with Intel Corp for an internet-of-things project, a multi-year government contract in Asia, and a contract with Japan's Brother Industries Ltd.
Fusionex said demand for its products remains high, and as corporations become more aware of the opportunities that come with Big Data products, it is seeing potential for growth particularly in the travel and hospitality, retail, manufacturing, and the so-called 'smart government' sectors.
"The first half of the 2015 financial year has seen continued strong progress for Fusionex. Our Big Data analytics product, GIANT, has achieved significant and continued uptake from clients, with a total of 25 customer wins secured for GIANT since its launch, as we build our presence in this exciting growth area," said Chief Executive Ivan Teh in a statement.
"These wins have also seen us expand into new market sectors and new countries, and we continue to target international expansion and channel-driven sales to accelerate our growth," Teh added.
Shares in Fusionex are trading up 1.1% at 402.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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