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Why the Integrated Research Limited share price just hit a record high

The Integrated Research Limited (ASX: IRI) share price hit a record high closing at $3.71 on Thursday afternoon.

Integrated Research’s software is used by a diverse range of businesses including airlines, automotive companies, banks and telecommunications companies to monitor the performance of their IT infrastructure, payments and communications systems.

The company’s software services 125 out of the Fortune 500 of US companies including all of the top 10 banks.

More than half the company’s revenue is earned in the Americas. The depreciating Australian dollar might explain why the company’s share price has performed strongly over the last few weeks.

For FY 2017 , the company’s revenue grew 8% and net profit after tax increased by 16%. At constant currency, the numbers were even more impressive with revenue accelerating by 13% and net profit after tax growing by 28%.

Morningstar analysts are forecasting FY18 earnings per share to be 13.3c, which means the company trades at a forward p/e of about 28.

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Motley Fool contributor Tim Katavic has no financial interest in any company mentioned in this article. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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