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.

Follow Us

Join the ARN newsletter!

Error: Please check your email address.

Tags csgNEC AustraliaICT servicesASXKonica Minolta Business Solutions



 IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)

IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)

The VeeamON tour showcased company's upcoming release of the Veeam Availability Suite v9. Veeam product strategist, Rick Vanover led the discussions in Sydney and Melbourne about the upcoming v9 and other Veeam innovations for the new year.​ VeeamON was held on September 23 at the Museum of Sydney, Warrane Theatre, and at Melbourne Museum in Melbourne on September 24.

IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)
 IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS)

IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS)

As part of a regular strategic planning program for select Greentree A/NZ partners, they enjoyed a week in Japan combining strategic planning sessions with sightseeing. Principals and their partners from Star Business Solutions, Endeavour Solutions, Addax Business Solutions, GT Business Solutions, bizlinkIT and Verde Group joined Greentree chief executive, Peter Dickinson, channel director, Graham Hill, and R&D director, Stephen Sims in Tokyo and took in Hiroshima, Kyoto and Hakone, including travel on the famed bullet train which hit a top speed of 296 KPH.

IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS) is a channel management ecosystem that automates all major aspects of the entire sales, marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.

Show Comments