IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
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Http://www.shareprophets.advfn.com/views/8458/lombard-risk-management-interims-buy "Lombard Risk Management – Interims: Buy Sunday 19 October 2014 Lombard Risk Management (LRM) has announced results from “a busy six months” to 30th September 2014 as financial services industry regulatory change continues apace. Along with the company’s own development, this helped revenue more than 27.7% higher than in the corresponding 2013 period, to £9.27 million, though this was somewhat offset by increased staffing levels to deliver additional contracts – with a pre-tax profit of £13k stated. However, this reflects a significant second half year weighting and is improved from a prior year period £523k loss. The interim dividend – to be paid on 14th November to shareholders on the register on 31st October – is to be increased from 0.03p to 0.035p per share (cost - £92k). Net cash declined after particularly £1.34 million of capitalised development expenditure more than amortisation, though partially offset by a £0.62 million increase in deferred income (to £5.79 million) and at the period end there were net current liabilities (including the noted deferred income liability) of £1.26 million, though no long-term liabilities. There have been some minor prior year accounting restatements following a review by the Financial Reporting Council which identified errors in the company's accounting policies for capitalising and amortising product development costs. Having spoken to the company it reassures that this issue is now addressed, and we note a new CFO, Nigel Gurney, is in place as of 1st September following his predecessor’s departure earlier this year. However, this again raises the general question of the effectiveness of auditors. Noting “a continued substantial order book/backlog of contracted revenue totalling £5.1m. Much of this revenue will be recognised in the second half of the year along with in excess of £4.5m of annually recurring revenue” and an “over 95%” client retention rate for all products, the company is confident looking ahead. Last year the half year performance was turned into a stated full-year pre-tax profit of £4.42 million (though £0.31 million from a half year loss of £2.34 million when incorporating the in-excess-of-amortisation capitalised development expenditure) on revenue of £20.40 million and there are forecasts for £5 million on £22.50 million this time. With capitalised development costs expected to continue coming down as a proportion of revenue and a trade sale - where metrics such as multiple of (the currently fast growing) revenues likely come into play - continuing to look a logical longer-run outcome, we continue to consider that the shares – marginally ahead on our initial share tip – look attractive. The shares have nud