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E-learning company publishes interims

Intellego – the AIM-listed e-learning & training systems company – has just published its interim results for the 6 months to 30 September 2008. As there are so few UK quoted companies operating in the UK legal sector, we are publishing their results (see attached PDF). Chairman Angus Forrest's comments are of particular interest…

“In the current trading period, sales activity is significantly ahead of last year with an increased forward order book and buoyant prospect list. This is a reflection on the investment made in all aspects of the company’s infrastructure and particularly with emphasis on the sales and marketing activities. However, as I mentioned in the annual report, there is a trend among our customers to take longer in their decision making.

“We have instigated a programme to enable the company to better weather a recession in the event that there is an impact on the training market. The company’s strengths in e-learning should provide us with significant opportunities to grow the business despite the current economic conditions as e-learning is demonstrably effective as a method of training at significantly lower cost than traditional instructor led training.”

• It will be interesting to see how many more companies come out with the argument over the next few months that there are hard RoI (return on investment) reasons for buying their stuff rather than battening down the hatches and saving your money until the recession has been weathered.

6 replies on “E-learning company publishes interims”

All very interesting I'm sure but ultimately the market wants to know how IRIS has performed. Everyone has seen the competitors announcing their wins (100+ now?) and if I recollect correctly the 'new' IRIS was formed in July 2007 when it merged with CSG.
The audit should have been completed by now and the results will be known internally, however, there is nothing posted at Companies House and there have been no press statements.
Come on IRIS the silence is deafening as the market is taking it that with the appalling PR track record to date no news must be bad news. Or will it be a cover up with the excellent part of the business (selling to Accountants) having to prop up the car crash that is the Legal Division.
……oh and we haven't even had the LSSG 2009 market survey results yet where last year IRIS managed a clean sweep across the bottom of most of the performance tables through their various legal companies.

I'm sure everyone remembers the 3 year CSG plan i.e. by early 2009 CSG will dominate the legal sector and have forced the cottage industry suppliers out of business. I wonder who looks more vulnerable now:
A) IRIS – masses of debt from a deal done at the peak (sounds like a toxic bank doesn't it) and a large American Private Equity company in tow.
B) Owner managed business with no or little borrowings and a personal interest in the sector and its clients.
Go figure.

Presumably you are not really expecting any company to advise their potential customers to batten down the hatches as “there is no good reason to buy our services at the moment”?
I can tell you now how many will take that approach!

Of course not – and its probably fair to say most customers would rather buy from a positive upbeat supplier than one that is so full of doom & gloom you'd be worrying if they'd be still in business next week. BUT quoted companies do have constraints on just how much spin they can apply to their trading statements (and how far they can indulge in creative accounting with their results) so you get a more realistic picture.

As a user of a modern system (not from IRIS) on the marketing side and therefore not in the market, it's quite interesting to read this with 'no pressure' so to speak.
Clearly I am a recipient of all the suppliers PR etc and I take an interest in the legal IT press. My observation on this is one from a marketing perspective.
What do I mean, well I've no idea frankly how IRIS is doing financially & not being a client I'm not sure I care anyway.
However, the fundamental thing here is that if you look back in the press over the last 6 months either IRIS has had no good news (wins, strategy, industry awards etc) or they have but haven't bothered to publish it.
Either way as a marketing professional it appears that if it's the former then they are potentially in trouble or the later….well I'm not sure I'd be using their PR company any more or what's happened to their marketing team?

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