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Revenue and profits jump at Calyx

UK market focus pays off

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Gaining a strong foothold in the British market has contributed to strong interim financial results for Irish IT services firm Calyx.

For the six months ending in June, Calyx reported a 61 per cent increase in turnover to €29m compared to €18.2m for the same period last year. The company, which has offices in Dublin, Limerick, Cork and five in England, also posted robust pre-tax profit of almost €1.7m for the first half of this year, compared with €600,000 a year earlier.

Chief executive Maurice Healy described the results as "excellent", adding that Calyx's acquisition of the Matrix companies in June had established it as a force to be reckoned with in the British market.

"I am extremely pleased with these excellent results and by the development of the group during the period. The acquisition of the Matrix Companies in mid June has firmly established Calyx as a force in the UK networked IT services market and these businesses are performing well under Calyx ownership."

Calyx acquired the Matrix group of IT consultancy companies for just under €60m in June. Following this acquisition, Calyx floated on both the Irish IEX market and London AIM markets, raising €25.4m in the process.

Adjusted earnings per share for the six months (excluding goodwill amortisation and exceptional items) were €0.0487 compared to &euro0.0297 in the first six months of 2005 and €0.0717 for the full year.

Calyx also acquired Irish IT security firm Entropy in March for just under €5m. In addition, the rebranding of a previous English acquisition - ITS Technology Services in Swindon - cost Calyx €300,000 during the current six month period.

In March Calyx announced that its full-year pre-tax profits rose almost 10 per cent to €1.74m, fuelled by growth and acquisitions. Calyx reported revenues of €36.6m in 2005, some eight per cent up on the €34m it posted in the 2004 fiscal year.

Copyright © 2006, ENN

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