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16 November 2009
Interim Results for the Six Months ended 30 September 2009
ILX Group plc (“ILX” or “the Company”), announces its Interim Results for the six months ended 30 September 2009.
Corporate Highlights
- Sales of e-Learning and blended products across the Group grew by 40% and now make up 33% of group revenues (6 months to 30 September 2008: 22%)
- Best Practice revenues up 12%, increasing market share.
- Finance division revenues down 29%; but market showing signs of recovery
- Unique PRINCE2 Practitioner e-Learning launched in February 2009 achieves sales in excess of £300,000 in the period (£500,000 since launch)
- ILX now global market leader in PRINCE2 training
- Annualised cost savings in excess of £1.3 million from H2 expected
- New York subsidiary ILX Group Inc established
Financial Highlights
- Revenue of £7.397 million (6 months to 30 September 2008: £7.873 million)
- Profit before tax and non-recurring items £0.491 million (6 months to 30 September 2008: £1.065 million)
- Strong operating cash flow of £0.738 million.(2008: £0.007 million)
- Net debt reduced by £0.357 million since the year end to £4.334 million (31 March 2009: £4.691 million and 30 September 2008: £5.421 million)
- Adjusted fully diluted earnings per share 1.76p (6 months to 30 September 2008: 3.96p)
Ken Scott, Chief Executive, ILX Group plc commented:
The results were encouraging but we still have much work to do. We continue to increase market share in the UK and are diversifying overseas. The Company has continued to consolidate its existing operations, has weathered a difficult economic climate, and is now poised for its next stage of growth.
The cost savings resulting from the restructuring are expected to exceed £1.3 million per annum and with the continuing move towards e-learning will further enhance profitability. Our work in consolidating the business has given us a strong and stable base from which to take advantage of any improvement in the marketplace.”
16 November 2009
