5 Mar 2013

Diligent posts profit rise

6:55 am on 5 March 2013

Diligent Board Member Services has tripled its profit.

The US-based firm made $9.1 million in the year to December compared with $3.3 million the year before.

Diligent's software helps company boards keep track of their papers online.

Revenue more than doubled to $44 million, after expanding outside its main market, North America.

About a third of sales now go to Britain, Europe, Asia, and Australia compared with about a fifth a year earlier.

Gross profit margins - the difference between sales and the cost of those sales - grew to 79%, while its retained 97% of its customers.

Earlier this year, Diligent admitted it awarded top executives too many stock options, and this year's accounts will include the costs of sorting it out and putting in better controls to make sure it doesn't happen again.