Info-Tech’s Training Growth Lifted Nine-Month Revenue: What Can Dividend Investors Tell From It?

Info-Tech Systems (SGX: ITS) reported higher revenue for the nine months ended 30 September 2026. For dividend investors, the useful question is what kind of growth sits behind that increase: recurring software subscriptions or training services whose demand may vary from period to period. The figures announced on 26 October come from unaudited management accounts, rather than a new set of financial statements. [S1, p. 6] [S2, p. 1]

Training gained ground

Nine-month revenue rose 20% to S$42.6 million from S$35.4 million a year earlier. Subscription revenue increased 11% to S$32.2 million, while services revenue rose 82% to S$8.6 million. Subscriptions still made up 76% of the total, but services reached 20%, up from 13% in the corresponding period. Info-Tech attributes much of the services growth to demand for AI-related courses at its Academy. [S1, p. 6] [S1, p. 7]

That mix matters. The subscription base gives the business a recurring revenue stream, while the recent jump in training revenue needs to be assessed over more than one period. Malaysia’s subscription revenue grew 26% year on year, so the software business was expanding alongside the Academy. Customer retention remained above 90%, according to the company’s October presentation. [S1, p. 7] [S1, p. 10]

The third quarter also showed growth: revenue rose 18% to S$15.3 million. Info-Tech derives that quarterly figure from nine-month management-account revenue less its reported first-half revenue. It did not provide a third-quarter profit or cash-flow statement with this update, so the revenue increase alone cannot establish how much additional cash was available for dividends. [S1, p. 6] [S2, p. 1]

The last reported cash-flow picture

The most recent supplied financial statements cover the six months ended 30 June, not the full nine months. In that first half, the group reported S$9.686 million of profit and S$15.345 million of net operating cash inflow. The cash-flow statement also shows a S$6.871 million benefit from changes in trade and other receivables. That collection helped the period’s cash generation and should not automatically be treated as a repeatable source of dividend funding. [S5, p. 3] [S5, p. 7]

Cash and cash equivalents stood at S$76.606 million at 30 June. The same first-half cash-flow statement records S$5.031 million of dividends paid; that was the final dividend relating to 2025, approved by shareholders in April 2026. These are useful historical measures of payout capacity, but neither is an October cash balance. [S5, p. 4] [S5, p. 7] [S5, p. 15]

What the dividend record does—and does not—say

In its August half-year filing, Info-Tech recommended an interim dividend of 1.68 Singapore cents per share, compared with 1.55 cents for the corresponding 2025 period. The filing gave 1 September 2026 as its payable date. That date is now past, but the timetable itself is not evidence here that payment occurred. The October business update contains no new dividend decision. [S5, p. 22] [S1, p. 6] [S2, p. 1]

Info-Tech also cautioned that Academy training demand is expected to normalise after an exceptional fourth-quarter surge in 2025. Its planned Malaysia Academy launch could add another revenue stream, but the October filing describes a plan, not realised earnings or cash flow from that expansion. [S1, p. 7] [S1, p. 11]

The next evidence to watch

The October update shows continuing subscription growth and a larger contribution from training. It does not yet show whether that mix sustained profit and operating cash flow through September. For the next dividend assessment, the decisive evidence will be the subsequent financial statements and any fresh board payout announcement, with particular attention to cash generation after the training surge. [S1, p. 6] [S5, p. 7]