Voice recognition systems provider VeCommerce Limited (ASX:VCM) has posted strong results for 2005 with increases in both net profit and revenue.

Net profit was up an impressive 144% to $1.1 million on the 2004 full year results, while revenue grew 6% to $14.1 million, with recurring revenue from support and transaction-based contracts representing 50% of the company’s revenue.

Cash also grew strongly to $8.2 million at 30 June 2005, an increase of 45%. The company remains debt free.

Paul Magee, VeCommerce Limited managing director, said, “In addition to consolidating our leadership position in voice self-service solutions in Australia and New Zealand, we have invested significantly in the UK market and have appointed resources aimed at breaking into the Asian market.”

Magee continued, “The results are excellent. With the escalating demand around the world for voice self-service solutions, we are quietly confident that 2006 will be a very good year for VeCommerce.”

The VeCommerce board has declared a 50% increase in dividends to $0.03 per share (prior year: $0.02) that will be paid to all shareholders of record as at 21 October 2005.

VCM shares closed up 17c to finish on $1.90 but on very thin trading.