Autonomy Q1 pretax pre-ex up 89 pct; says to spin off consumer unit UPDATE |
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Wed, 25 Apr 2007 09:08
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(Adds demerger details, CEO quote)LONDON (Thomson Financial) - Data search company Autonomy Corp PLC beat expectations with an 89 pct surge in adjusted first-quarter pretax profit on strong organic growth, and said it will demerge its consumer division to focus on enterprise applications.The company's quarterly pretax profit before one-time items rose to 19.5 mln usd from 10.3 mln usd earlier, as revenues rose 17 pct to 65.5 mln usd. Analysts had forecast adjusted pretax profit of 18 mln usd on revenues of 65 mln usd.Including exceptional items, pretax profit rose to 16.1 mln usd from 7.1 mln usd.The consumer unit, to be listed on the Alternative Investment Market as Blinkx in May, is to be spun off as its focus on consumer-directed search services differs from Autonomy's thrust on enterprise applications, the company said in a statement.Autonomy will hold about 10 pct of the new company's shares.'Having taken the consumer applications through the development phase and into commercial roll-out, now is the right time to split these activities from our core enterprise software business,' Autonomy chief executive Michael Lynch said in a statement.The demerger will result in the payment of a dividend in the form of Blinkx PLC shares to the shareholders of Autonomy.At 8.40 am, Autonomy shares were up 9 pct at 762.50 pence.TFN.newsdesk@thomson.comfaj/faj/icCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Autonomy Q1 pretax pre-ex up 89 pct; says to spin-off consumer unit 