E-learning software and training provider ILX Group has announced a 35% fall in profits.
In preliminary results for the full year ended 31 March 2012, pre-tax profits fell to £960,000, down from £1.5 million a year earlier.
Operating profit fell to £1 million, from £1.7 million in 2011. The group attributed the fall to “higher overhead costs relating to marketing and international sales.”
The Aim-listed firm also said it was suspending its dividend to reduce its level of debt.
But ILX also reported that revenues had risen by 5%, from £12.8 million to £13.4 million. The company said that this was driven by its digital learning arm, where revenues rose 17%. This division now comprises 57% of total revenue.
Ken Scott, chief executive for ILX commented: “The ongoing economic uncertainty made this a challenging year, particularly in the UK. However, we have increased group revenues and continue to see growth of our digital learning revenues, even in the UK.”