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DWS Limited H1 net profit after tax down 13 per cent

DWS Limited H1 net profit after tax down 13 per cent

Company made “several staff redundancies" in Victoria and South Australia

ICT services company, DWS Limited, has posted a 13 per cent drop in its net profit after tax on revenue of about $55.4 million in the first half.

Its revenue stood at $55.4 million, up slightly from the previous year; its first half Ebitda dipped about 15 per cent to about $11.9 million.

DWS management attributed the decline to the fall in demand for services in the second quarter, which the company has tackled in part by making “several staff redundancies in Victoria and South Australia,” according to the company’s ASX filing.

DWS reported total consulting staff of about 613, down from 620 in June 2012.

Its balance sheet is still strong with no debt, and cash of about $11.5 million.

In December, the company also completed the acquisition of Apt Business Solutions, a provider of outsourced application managed services to Federal agencies, for about $5.7 million.

The company expects its joint venture with Borealis Australia, Borealis DWS Consulting Services, to help its Queensland business, and boost further demand there.

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