“Subdued market conditions” take their toll
The disclosure comes nearly a year after the firm’s 31 August 2016 listing. Total revenue stood at $103.2m, about 3.6% lower than the previous year’s $107m. Meanwhile, net profit after tax dropped 9.8% to $14.8m.
The company said it experienced a slower period of patent application, advisory, and prosecution revenues during the fiscal year, as with the industry overall. The results were lower than IPO Prospectus forecasts. “This reflects the more subdued market conditions,” said QANTM managing director and CEO Leon Allen.
Nevertheless, Allen added that the firm transition to public ownership progressed smoothly, as it retained all major clients.
The firm remains optimistic for the current fiscal year, as it expects revenue to rise as the number of patent and trademark applications return to their long-term historical growth rates. “Encouragingly, a recovery in the months of May and June was recorded in terms of patent application, advisory and prosecution, as well as legal revenues,” said Allen.
Qantm is a consortium of IP law firms Davies Collison Cave and Freehills Patent Attorneys, a spin-off of Herbert Smith Freehills.
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