Ingenta PLC on Thursday said it will be stepping up business development activities in the coming months, after reporting increased revenue and a substantial rise in profit last year.

Ingenta PLC, an Oxford, England-based provider of software and services to the publishing industry, reported a pretax profit of £1.2 million, up 65% from £727,000 in 2021.

Revenue increased by 3.0% to £10.5 million from £10.1 million. Annual recurring revenue edged up to £9.0 million from £8.9 million.

Ingenta attributed its increased revenue and profitability to ‘the previously reported successes made in streamlining and optimising operations to drive efficiency.’

The group said sales and marketing expenses increased to £707,000 in 2022 from £690,000 in 2021. Administrative expenses were held flat at £3.2 million, while cost of sales decreased by 2.5% to £5.3 million from £5.5 million.

Ingenta declared a final dividend of 2.25 pence per share in late April, up from 2.00p per share a year before. This brought the full-year payout to 3.45p from 3.00p.

Ingenta said it is ‘[stepping] up’ its business development activities and expanding its sales and marketing teams to capitalise on last year’s success. It expects the products and services offered by its content and commercial business units to drive further growth.

Chief Executive Officer Scott Winner said: ‘After all the hard work remodelling the core functions of the business, and revitalising our product suite, I am extremely pleased to report on a full year of revenue growth.

‘These changes were fundamental to not only allow us to grow but to do so profitably and the numbers released today are a testament to that. However, this is only the beginning, and we are now fully focussed on delivering success in 2023.’

Shares in Ingenta were up 1.7% at 112.40p in London on Thursday.

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