Iona announces record profits

 

Iona Technologies today announced record profits of $22.4 million (£14.8 million) for the third quarter of 1998. This is an increase of 74 per cent on the corresponding period for 1997. The company reported an increase in net income of 96 per cent to £3.8 million or 18 cents per share.

This excludes previously announced once-off charges of $5 million associated with the acquisition of EDS and the $1.7 million write-off for the relocation of its headquarters.

"This has been an excellent quarter for Iona," said Dr Chris Horn, chairman and chief executive.

Mr David James, chief financial officer said: "We have continued to strengthen our financial performance in the third quarter. We accelerated growth, increases profitability and improved asset performance while continuing to invest in key areas."

Net income, excluding the once-off charges, increased by 69 per cent to $8.5 million on sales of $58.5 million.