Automotive Incadea delivers shiny maiden results

Austrian Incadea made a couple of unusual decisions when it listed on the AIM earlier this year (see As one departs AIM, another arrives…) - listing in the current environment and choosing AIM even though it does not do business in the UK. Still, if its maiden results are anything to go by, it looks like it could be a welcome addition. For the six months to June 30 the supplier of software and services to the automotive dealership industry managed to drive revenue up 64% to €13.3m, a level of growth it anticipated at the time of the listing. Profit was impacted by IPO costs, resulting in a 9% drop but that still left it with profit before tax of €820,000. With demand from BRIC and other emerging markets rising (including its first OEM customer in China) as well as growth in areas like Russia, the outlook is looking bright.