FINEOS posts €72.5M in half-year revenue

• Total revenue grew by 7.9% to reach €72.5 million alongside a net profit of €1.9 million.
• The company share price moved higher following the financial report release.
• Growth was driven by higher subscription revenue and expanded client contracts.

FINEOS (ASX:FCL) reported total revenue of €72.5 million for the half year ended June 30, alongside a statutory net profit after tax of €1.9 million.

This result compares against a net loss after tax of €1.3 million recorded during the prior corresponding period.

Subscription revenue rose by 15% to reach €41.9 million, while services revenue dipped slightly by 0.7% to €30.2 million.

Operating expenses fell by 2.7% to €37.2 million as the company maintained a cash balance of €39 million with zero debt.

Following the announcement, the FINEOS share price was up at $2.10.

The business provides core software systems for life, accident, and health insurance carriers across global markets.

North America accounted for 80.5% of total revenues during the six-month reporting period.