Calyx profits up after buying spree

IT services group Calyx said that profits in the first half of the year grew by more than €1 million.

The company, which is listed on the Irish and London stock markets, has benefited from strong growth in its existing business, and from the inclusion of results from a number of acquisitions made in the first six months of the year.

Pre-tax profit came in at €1.65m, up from €642,000 in the same period last year.

Turnover was €11.1m higher at €29.3m. Excluding acquisitions during the interim period, turnover was €23.1m.

Since the beginning of the year, Calyx has been on an acquisition spree, buying Dublin-based security software company Entropy for €5m and British firm Matrix for close to €60m.

Calyx has now made five acquisitions since its stock market listing in March 2005.

“During the period, Calyx has continued its strong growth both organically and through acquisition.

“Margins have improved, driven by new products and services, many of which derive from the development of our, now fully operational, network operating centre in Dublin,” the company said in a statement.

“The acquisition of the Matrix companies, in June, not only provides the Group with a significant platform for supplying the UK market, it also enhances the product and service offering of the group.”

According to Davy Stockbrokers, the results from Calyx were ahead at the turnover level, particularly in Britain, where much of the group’s revenues will come from following the Matrix takeover.

Calyx said that trading so far in the second half of the year is progressing well.

Shares in Calyx slipped by just under 1% yesterday to 82.5 pence on London’s Alternative Investment Market.

They have gained 25% over the last year. The company listed on the Dublin market in June.