Formula Systems, a provider of information technology products, has reported a total net revenue of $549.7m for the fiscal year 2010, an increase of 17% compared to $469.4m for the previous fiscal year.
The company also posted an operating income of $47m for the year 2010, an increase of 27% compared to $37m for the last year.
For the fiscal year 2010, the company reported net income attributable to Formula shareholders from continuing operations $18.4m, compared to $14.2m in 2009, an increase of 29%.
The company’s consolidated cash and short term investments totaled approximately $148.7m by 31 December 2010.
Formula Systems CEO Guy Bernstein said the company continued to achieve both growth and profitability as a result of their subsidiaries’ outstanding products and services.
"We are confident in our ability to capitalise on growth opportunities and build value for our shareholders," Bernstein said.
