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CSG to launch in-house finance division in March

CSG to launch in-house finance division in March

Continues to reshape company following Technology Services Division sale to NEC

ICT services provider, CSG, will launch a new in-house finance division In March with the aim of strengthening its relationship with customers and improving efficiencies in the sales process.

The announcement was contained in its first half FY2013 (ending December 31, 2012) statement to the ASX. The new division will have start-up capital of $7 million. Former CEO of Konica Minolta Business Solutions New Zealand, Evan Johnson, will head it up.

The move comes as CSG continues to reshape its business following the sale of its Technology Solutions Division to NEC Australia in July 2012 for $227.5 million.

CSG also announced that, over the next 12 months, a key focus area will be the implementation of a company-wide IT transformation which is expected to deliver $4m in cost savings once completed.

After selling its Technology Services Division, CSG announced it would focus on growth opportunities in its Print Services business and restructure the division.

The results show a company in transformation. Revenues from continued operations were down 41 per cent when compared with first half FY 2012 (ending December 31, 2011) figures. Ordinary activities were down 54 per cent. Profit from ordinary activities was down 41 per cent compared with figures for the first half FY2012 and net profit for the period attributable to members was also down 41 per cent.

Revenue from continued operations came in at 91.17 million compared with a FY12 first half of $110.4m.

CSG reported an underlying EBITDA of $9.5 million in line with the company's previous guidance of $8-10 million.

This represented a $10 million turnaround from continuing operations in the second half of FY2012 to the first half of FY2103.

Net profit after tax (NPAT) jumped to $5.5 million.

Managing director, Julie-Ann Kierin, said the results showed a distinct turn around in the business.

"While the initial results are positive, the transformation continues," she said. "An enormous amount of effort has been directed over the past six months in refocusing the business to reduce cost and improve returns.

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