Digital and creative group iCreate is reporting a creditable performance for the third quarter.

Results for the third quarter, released recently, showed overall revenue of $26.4 million, a 231.5 per cent increase over the corresponding period last year, and $107.2 million for the nine-month period, or 237.0 per cent above the same period last year.

Profit for the quarter was $6.9 million, an increase of eight per cent against Q2 and 1388.0 per cent when measured against the loss of $535,000 generated in Q3, 2021.

$167.3 MILLION IN TOTAL ASSETS

The nine-month year-to-date (YTD) profit was $23.4 million, an increase of 505.3 per cent, up on the $3.8 million for 2021.

Total Assets, at $167.3 million, showed an increase from the $75.5 million booked at December 31, 2021.

Total Assets year-to-date include funds set aside for the investment in Visual Vibe Limited, which were financed by a Convertible Long Term Loan.

Tyrone Wilson, CEO of iCreate, said the strong performance was positively impacted by a mix of new business clients as well as existing opportunities from the company’s pipeline which were closed in Q3.

The company;s three divisions – Education, Advertising and e-Commerce – all contributed to the strong revenue growth for the period.

“The company has remained keenly focused on delivering on our mergers and acquisitions strategy which added Advertising and e-Commerce as new divisions in the Group, alongside our existing Training division. We had a number of key initiatives implemented at the beginning of the financial year to allow us to maximise the value of our M&A strategy,” Wilson disclosed.

WIDE RANGE OF SOLUTIONS TO CLIENTS

He said the key initiatives included diversification of revenue streams through additional solutions now available across the Group or through individual divisions; expanding the client base to reduce dependency on one-off revenue streams and projects; sales pipeline management and growth to develop a continuously evolving base of potential clients; and capitalising on business opportunities by offering a wider range of solutions to clients – thereby increasing order values.

The iCreate CEO added that there were several other projects either in train or being contemplated for the next quarter.