17 Jul 2012

Sales, shares up for Diligent

8:53 pm on 17 July 2012

Shares in the digital board book maker, Diligent, have jumped 2% after its quarterly sales tripled.

The New York-based, New Zealand-listed firm's software helps company boards keep track of their papers online, and it generates its income from annual subscriptions for the software.

Diligent generated a record high $10.1 million revenue in the three months to June, compared with $3.6 million in the same period a year earlier.

New sales more than doubled to $7 million and it signed on a 216 new clients, including 12 listed firms in Australia.

Two-thirds of Diligent's sales are to US firms, although its presence in Europe and Asia-Pacific is growing as do its operating margins and cash flows.

Diligent shares rose 8 cents to $4.00 on Tuesday.