25 May 2012

i-design swings to black

01/12/2011 Miles Nolan

Following an upbeat trading statement in October, advertising for cash points specialist i-design (IDG) has achieved its first profit.

Founded in 2004, the Dundee based firm has developed technology which allows ATM owners to communicate with their customers using advertising. It signed up Nationwide first, but since then has secured Barclays and its 4,000 strong cash machines, as well as YourCash - the largest operator in Europe.

Though the cash withdrawal procedure is done in seconds, i-design argues that customers are happy to view adverts while waiting. Clients using the service include Coca Cola, Cadburys, Vodafone and Tesco. It also provides bar-codes on the back of bank receipts, which can be used to redeem in shops, or fast food stores - one example is a deal with Pizza Hut whereby cash strapped customers are targeted at 'tight' times of the month to buy a pizza.

Having joined AIM in 2007 following a 67p a share placing that raised £3.5 million, the business is performing ahead of plan. In the year to September, sales increased 62 per cent to £3.5 million, which led to a £105,000 pre-tax profit (2010: £962,000 loss).

i-design successfully launched its new 'joono' product in June, which offers enhanced functionality and provides the ability for banks to communicate with customers using self-service kiosks, mobiles and even plasma screens. The number of ATM's globally is expected to soar by 41 per cent to 3.1 million by 2015 (from 2.2 million in 2009), with strong growth in emerging markets the key driver.

Speaking to Growth Company Investor, chief executive Ana Stewart said 'our service can provide impressive sales increases for clients', she added that with net cash of £940,000 the firm is financially strong.

House broker Arbuthnot predicts flat 2012 profits on sales of £4 million, rising to pre-tax profits of £500,000 and sales of £4.8 million. With i-design recently picking up a new bank client in Canada, it is clearly gaining traction. The rating is high, but for a niche software supplier the shares, at 63.5p, are an interesting bet.

Tags: AIM market, Cash rich, Growth company, Maiden profit

Sector: Software & Computer Services

Companies: i-design

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