IRIS releases first ever published annual report
IRIS, the UK’s largest private software house, today released its first ever published Annual Report & Results. Revenues for the year were £119m (period ended 30 April 2008: £95m), operating profit before exceptional costs and amortisation of goodwill (‘adjusted operating profit’) was £40m (period ended 30 April 2008: £33m). Operating profit before amortisation of goodwill was £37m (period ended 30 April 2008: £30m) with operating cash flow of £39m over the year (period ended 30 April 2008: £39m).
IRIS say the report demonstrates the company's commitment to complying with best practice corporate governance reporting and meets the standards set out in the Guidelines for Disclosure and Transparency in Private Equity issued in November 2007 (commonly referred to as the Walker Report).
Commenting on the results, Group CEO Martin Leuw explained; “During 2009, we made excellent progress with the integration of Computer Software Group into IRIS. We now operate as one integrated business and this has strengthened our position considerably as ‘The Sector Specialist’ with deep domain and customer knowledge, in sectors where our major competitors are all generalists. These are challenging times for all businesses, and more than ever before our customers need us as their IT partner, to help them adapt swiftly to a different economic climate.”
The Annual Report can be downloaded by clicking on the attachment link.