Diligent shares rise on news of strong revenue growth

Diligent 12-month NZX performance (S&P Capital IQ; click to zoom)

The share price of Diligent Board Member Services [NZX:DIL] rose as much as 2 percent after the provider of software for company directors posted record sales in 2012.

Diligent says fourth-quarter new sales of $US6.4 million ($NZ7.6 million) took annual new sales to $US26.3 million, a 66 percent increase over the previous year.

The Asia-Pacific region experienced exceptional growth in the quarter, notching up a 398 percent rise on the same quarter last year.

Total revenue of $US13.6 million in the quarter took full-year revenue to $US43.7 million, up 143 percent on the prior year.

Revenue from client upgrades totalled $US1.8 million in the fourth quarter and $US6.8 million in the year.

The client retention rate for 2012 was 97 percent.

The software-as-a-service (Saas) company added 193 new clients in the fourth quarter, down from 203 in the same quarter last year but new client agreements for the year were up at 782 from 570 in the previous year.

The company now has 52,000 users worldwide.

Diligent had cash balances of $US33.4 million at year-end, up from $US9 million the previous year.

"We look forward to delivering another year of strong performance and value to our clients and shareholders in 2013," the company says.

Diligent shares rose as high as $5.60, a cent below the record set on December 27. The shares were last trading up 8c at $5.53, up from $2.35 a year ago.

(BusinessDesk).

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