Constellation Software adjusted profit rises on acquisitions
(Reuters) - Canada's Constellation Software Inc (CSU.TO: Quote) posted a 17 percent rise in first-quarter adjusted profit, helped by acquisitions.
Adjusted profit rose to $32 million ,or $1.50 per share from $27 million, or $1.28 per share, last year.
Net income fell to $14 million, or 66 cents per share, from $62 million, or $2.95 per share, a year ago when the company recorded a gain on income tax.
Toronto-based Constellation, which makes customized software for private and public sectors entities, said revenue rose 10 percent to $195 million.
The company completed ten acquisitions since the beginning of 2011 in the public sector segment.
Constellation acquires small niche players to diversify the range of industries it serves and since its inception in August 1995, this strategy has made it a $1.6 billion company with six operating groups in 50 vertical markets.
The company's shares, which have gained more than 20 percent this year, closed at C$95.40 on Wednesday on the Toronto Stock Exchange.
(Reporting by Aftab Ahmed, Ankur Banerjee in Bangalore; Editing by Maju Samuel)
© Thomson Reuters 2017 All rights reserved.