The Board of Directors of iCreate Limited have announced positive results for the period ending June 30, 2022.

They reported that the company had remained keenly focused on the key initiatives implemented at the beginning of the financial year, among them the expansion of their generic revenue base; growth through Mergers and Acquisitions (M&A) and judicious management of their operating expenses.

These initiatives drove the results of profit being $6.4 million for the quarter, an increase of 154.8 per cent against the $2.5 million generated in Q2 2021. The six-month YTD Profit was $16.5 million, an increase of 271.8 per cent on the $4.4 million for 2021. All divisions performed well. Revenue was $34.5 million for the quarter, a 123.4 per cent increase over Q2 2021, and $80.9 million for the six-month period, 239.1 per cent above last year.

This performance was impacted by a mix of new business clients as well as existing opportunities from the iCreate pipeline which were closed in Q2. The strong profit results led to Equity reaching $26.1 million, up from $9.6 million at December 31, 2021. Total Assets were $128.9 million up from $75.6 million at December 31, 2021. Assets include $38.6 million, which is also carried in liabilities, relating to funds set aside for the investment in Visual Vibe Limited.

Founder, President & CEO Tyrone Wilson confirmed that the growth in Q2 is as a result of the diversification strategy, noting that iCreate has “good management around our costing that enables us to deliver the 20 per cent profit margin. All the divisions of the company performed well in the second quarter”.

The Board announced that there “has been a noticeable increase in the demand for digital creative and design training, especially among large institutions”.

It added: “iCreate Institute is well positioned to meet this demand and at the same time we continue to aggressively push business growth across our other divisions, including digital marketing and advertising.”

MERGERS AND ACQUISITIONS

iCreate Limited plans to expand its market share in these segments to become the leading digital training and marketing entity on the island.

The company is also actively working on a number of mergers and acquisitions and other joint venture collaborations and expects continued strong revenue growth while closely managing its cost efficiencies.

Wilson thanked shareholders, directors, team members and their client base for the continued support “as we chart the way forward towards an expanded digital and creatives group of companies”.

He applauded the solid advances made by his leadership team.

“The core leadership team, with Declan Tully as the chief revenue officer, has been doing a fantastic job in creating the synergy between the different business segments,” he noted.