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Inteliqo Ltd on Wednesday said it generated revenue for the first time in its latest half year and delivered a moderate profit as its Ipedia and Langaroo operations progressed.
The Edinburgh-based start-up technology company, which provides distribution services to consumer technology brands, reported a $185,389 pretax profit for the six months that ended on September 30. It had reported a $427,639 loss a year before.
Inteliqo booked revenue of $558,029, having generated none previously since incorporation in May 2022. Administrative expenses decreased 18% to $370,447.
Cash and equivalents at September 30 totalled $384,221, down from $475,246 at the same time one year prior.
The Langaroo translation app, for which Inteliqo secured an exclusive sales and marketing agreement in early August, ‘is now generating sales from its Beta launch’. The full application is scheduled for release early in the first quarter of 2024.
Inteliqo also noted that last year it appointed an exclusive reseller for the Ipedia iQ smart translation earphone system. It expects the first orders to start during the current quarter.
Looking ahead, Chair Joseph Truelove commented: ‘The group is now operating profitably, with positive cash flows and this promising result aligns with our commitment to delivering value to our shareholders.
‘Looking ahead, we are optimistic about the group’s prospects...we are confident that the company will operate profitably this year.’
Inteliqo shares were untraded on Aquis Stock Exchange in London at 14.75 pence on Wednesday morning. They last traded at 15.00p on Tuesday afternoon.
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