ASX listed reseller Volante Group has announced a net profit of $3.02 million for the six months to 31 December, 2002.
Group Managing Director of Volante, Allan Brackin, described the result as satisfying. He said that despite a financially slow November 2002, the rest of the year looks bright for Volante.
“The restructuring we undertook last year has begun to show significant results, with increased margins for Volante Systems’ managed services business, a profit turnaround by Volante Solutions and lower costs across the group,” Brackin said.
With recent Australian Bureau of Statistics figures showing that the uptake of IT services was slowing, Brackin was certain that Volante could continue to grow financially.
“The market is likely to remain tough during the second half [of the 2002/03 financial year], but we are confident of a result similar to the first six months," he said. "Volante Group is well positioned to benefit from any increase in IT spending and to take advantage of further industry consolidation,” he said.
Servicing large companies such as CSR, Westpac and Santos, Volante is working on the theory that most companies are using selective outsourcing. It is up to Volante to attract them.
Asked if a pending war might financially damage the company and the channel in general, Brackin said that the November 2002 results were reflective of the attacks on Bali. A war could potentially have an affect on the company, but only if clients chose not to spend as much on Volante services.
Managing Director of Volante Systems, Hugh Bickerstaff, said that a lot of companies had to defer certain projects around the time of the Bali attack. This was shown in financial results.
“The first quarter of the financial year (2002/2003) was buoyant," he said. "Now it has plateaued after a poor November.”