The Volante Group have put a poor performance in early 2000 behind them to record a $3.12 million after-tax profit for the six months up to 31 December 2000.
The figures are a 209 per cent increase over the first half of the year, when the procurement and IT services conglomerate was hampered by poor sales and complex acquisitions.
Group managing director Allan Brackin said he now expects the company to meet the targets set at its last annual general meeting. "There is a lot of doom and gloom out there, but we are more than confident of meeting those results - we are well on the way."
Brackin attributed the turnaround to a smooth acquisition of AAG in November 2000, which he claims was completed with minimal disruption to the business. Volante's NetBridge subsidiary has grown by 50 per cent over the last six months, where most of AAG's staff has been relocated. Brackin believes the benefits of this acquisition to continue over the next six months, and is considering several new acquisition options for the NetBridge business.
"We are looking to acquire small professional services companies that would fit the Netbridge bill," he said. "I've seen a hundred companies, 90 of which would still be considered resellers, trying to get into services. What we need are small 20 to 30-man companies with good customers and skill sets, and are looking closely at three or four."
Each of the group's companies shared the spoils, with the profits from the Applied Micro Systems and VIT procurement businesses growing at 50 and 40 per cent respectively, Netbridge revenues growing by over 50 per cent in light of the AAG acquisition, and a 50 per cent jump in the Global Remarketing computer refurbishment and supply business, which is currently selling off a variety of IBM PC and server products used during the Olympics.