Interactive graphics software company Pineapplehead has recorded a small loss for the six months to December 31, kept afloat by a consistent and profitable distribution subsidiary.
While the group recorded a loss of $194,000 for the period, its distribution business (formerly Lako Vision, now Pineapplehead Distribution) recorded a $399,000 after-tax profit, up 25 per cent. In a release to the Australian Stock Exchange, the directors of the company stated they would continue to use the surplus from the distribution business to fund shortfalls in its software development business as it matures.
Revenues for the group grew by over 52 per cent to $4.1 million for the period, with new operations launched in the UK and Europe and new offices in Auckland, Perth and Brisbane. The company had cash reserves of $8.9 million at the end of the period, now down to $8.1 million as of the end of February.