Intelligent Environments on course for first full year profit

Intelligent Environments on course for first full year profit

UK retail banking software firm Intelligent Environments (iE) says it expects its 2006 revenues to come in ahead of expectations, leading to its maiden full year profit as a public company - ten years after its flotation in 1996.

The vendor's stock jumped in morning trading after the firm released an up-beat trading statement. The stock was up 13.20% at 7.50 pence at mid-day, after rallying to 7.63 pence in early trading.

The company says its cash position has also improved, with net cash funds standing at £0.9 million at the year-end. This equates to an operating cash inflow for the year of £0.6 million.

Phillip Blundell, chief executive, iE, says: "Intelligent Environments has made substantial progress over the last 12 months and the operational focus on selling through partners, exceeding customer expectations and broadening the product portfolio is translating into positive financial results."

The firm is also reporting a distribution partnership with Unisys which will see the two firms market and distribute iE's NetFinance Web-based account opening and servicing products to Unisys clients. The software will be integrated with Unisys' UFSS banking platform and made available as an outsourced service for clients.

The agreement also signals iE's investment in an e-mortgage product to add to its NetFinance package.

Says Blundell: "Our new partnership with Unisys is of particular significance as it offers excellent opportunities in the savings and mortgage markets."

Intelligent Environments will report its preliminary results in April.

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