Software group Iona returned to profit last year after losing more than $44m in 2003.
The group reported small net profit of just under $200,000 for the year, and a net profit of $1.7m for the final quarter of 2004. The improvement was mainly due reduced spending on research and development and marketing.
Fourth quarter revenues fell by nearly $4m compared with the same period a year earlier to $19.5m, but this figure was better than expected. Full-year revenues dropped from $74.2m in 2003 to $68m.
CEO Chris Horn said its key Artix product had been a growing part of its revenues through the year, and that continued growth from Artix should further improve profitability. Iona said Artix revenues grew by 20% in Q4 compared with Q3.
For the first quarter of 2005, Iona is expecting total revenues of $16-17m. It says this is better than expected as the seasonally weaker first quarter revenue has often dropped by 25% compared with the previous quarter. Iona is expecting total costs of $16.5-17.5m in Q1.
Iona shares closed 28 cent lower at €4 in Dublin.
