Diligent half year profits up

JOHN ANTHONY
Last updated 16:05 08/08/2014

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Diligent Board Member Services profits have been boosted by a 35 per cent lift in sales in the half-year to June 30.

The listed software company's net profit of $5.1 million (US$4.28m) was up 30 per cent on a year ago, while revenue rose US$10.1m to US$39.47m.

Diligent forecast full-year revenue to be between US$81.5m and US$82.5m, up 26 to 27 per cent on the previous year.

The company makes cloud-based software that lets company directors access board documents electronically.

Chief executive officer Alessandro Sodi said: "We have entered the second half of the year with solid momentum."

Revenue growth for the second quarter exceeded expectations, he said.

Revenue was expected to rise to between US$20.7m and US$21m in the third quarter, which would be an increase of between 20 and 22 per cent on the same quarter last year.

Users increased by about 5500 to more than 82,600 in the second quarter.

The company remained focused on entering new markets and expanding product functionality, he said.

Diligent was plagued by financial reporting setbacks last year and delayed the release of its results three times.

Yesterday, Diligent co-founder Brian Henry in the High Court admitted six unrelated breaches of securities law and was fined $130,000.

The charges were brought by the Financial Markets Authority over his trading in Diligent's shares in 2010.

Henry left the company in 2009.

Diligent shares were up 2.9 per cent at $4.30 this afternoon

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