IWL announces record $26.8m first half haul

Stan Beer
Tuesday, 18 January 2005 07:00

IT Industry - Listed Tech

Wealth management and technology solutions group, IWL Limited (ASX: IWL) has announced a strong operating performance in 2QFY'05, which the company says will give it a record first half result.

The results include revenues for the half end 31 december 2004 of $26.8 million, up 18% on the previous corresponding period and EBITDA of $7.5 million, up 43% on the same period in 2003-04.

Otto Buttula, CEO of IWL, said, "When we released the 2004 full year result in August, we foreshadowed organic earnings growth for FY'05 in the region of +15%. We lifted this target to a minimum of +25% in late November and are now pleased to report that we have achieved earnings
growth of +43% for the first half. Although it is too early to accurately determine our full year earnings expectations, we do expect a record full year earnings result, with another period of strong earnings growth expected to be recorded over 2HFY'05."

Significant events over the 1HFY'05 included:

i) IWL's Broking Solutions Division being selected by the National Australia Bank (ASX: NAB) as the preferred vendor to provide online broking solutions to National OnLine Trading, post the end of the current contract in October 2005. A finalisation of the terms of this contract is expected to be achieved in 4QFY'05.

ii) Surpassing, 8,000 advisory software licensees.

iii) Material interest in online broker Rivkin Financial Services.

iv) IWL, for the third consecutive year, being ranked as a Top 500 company in the Deloitte Technology Fast 500 Asia Pacific awards (198th overall and 24th in Australia).

v) The approval by shareholders at the AGM to consolidate the capital of the Company on the basis of 1 New IWL Share for every 6 Old IWL Shares. This came into effect on 22 November 2004.

vi) Subsequent to period end, the dedication of a 3 ½ month appeal, designed by IWL to assist the Australian Red Cross in raising funds for its Asia Quake & Tsunamis Appeal.

IWL finished up 20c to close on $2.46 on robust trading.