ICM’s profit fell to $4 million (GBP 2.5 million) in the year ended June 30, 2003, down from $5 million (GBP 3 million) the previous year, according to preliminary results.
Revenue grew by 13 per cent over the same period to $128.5 million (GBP 77.8 million), including a $2 million) GBP 1.3 million) contribution from the $4.5 million (GBP 2.7million) acquisition of Assurity Holdings Ltd in August 2002.
The company’s profitability was affected by a $1 million (GBP 700,000) exceptional item, which was set aside in March to cover the potential cost from having distributed pirated Microsoft[MSFT] software to clients over the past five years.
Although not to blame for the piracy, ICM is liable because the supplier that sold it the software went into receivership in October 2002. Investigations into the total license revenue owed to Microsoft are ongoing, but a spokesperson from ICM said that of the $1 million (GBP 700,000) set aside, $660,420 (GBP 400,000) has already been transferred to Microsoft.
This article was based on material originally published by ComputerWire.
