ILX Group

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27/06/2011 Robert Tyerman

Project management training software specialist ILX Group (ILX) has restored its dividend after almost doubling pre-tax profits to £1.4m. Chief executive Ken Scott declares there is 'a lot more to come' from the AIM-quoted company, a world market leader in PRINCE2 project management training, which increased overall turnover 9 per cent to £12.9m in the year to March.

London based ILX underwent major changes during the last financial year, which saw it close its ill-performing classroom-based CTG investment banking trading division, a move which Scott says freed senior management to boost growth in its continuing operations. The company, whose customers range from government agencies and large companies to individuals (30 per cent of the total), had strongest growth in internationally, where Australia and Middle Eastern markets such as Oman and Abu Dhabi are proving particularly fruitful.

Last year, ILX restrucured its debt, following which it can now reinstate the dividend at 1.5p a share, and raised £850,000 net in November at 26.5p from investment group Octopus Capital, which thereby upped its holding from 8 per cent to 20 per cent and put a representative, Chris Allner, on the board. Now classified as a software company, ILX, which has also made chief operations officer Eddie Kilkelly a director, won a major contract in April to provide mentoring services to key people across Whitehall.

The company, which has reduced net debt to the same level as operating profit, hopes to stimulate organic growth this year with the launch of a self-service web-based consumer platform and a new consulting practice based on PRINCE2. Scott says ILX will look carefully at any acquisition opportunities that arise.

Analysts see the company making £1.75m pre-tax this financial year, with £2.1m on the cards for 2012-13. Highlighted by Growth Company Investor at 26p last October, the shares have edged forward to 29.5p, yielding a prospective 5.1%, and should have further to go.

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