Progress Software has turned in a lacklustre set of third quarter results but blamed the continuing strength of the US dollar.
For the quarter ended 31 August, the database and tools supplier saw revenues increase by 11 per cent (or 18 per cent if exchange rates are not taken into consideration) to $45.9 million. Net profits were $1.9 million, not including one-off charges of $11.5 million related to the acquisition of development tools company Apptivity. If charges are included, Progress turned in a loss of $9.4 million this quarter compared with profits of $218,000 last time.
For the nine months, the company saw turnover increase by only three per cent to $136.1 million, on losses of $5.3 million after charges, compared with profits of $4.3 million last time.
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