Despite recording a 14.4 per cent increase in total sales to $6.1 million, listed services provider Working Systems Solutions has announced an after-tax loss of $1.2 million for the financial year to June 30, 2002.
The loss is an improvement on last year's after-tax loss of just under $8 million. It includes $582,345 in write-offs of its equity investment in Wordmaker Design and its associated debts to WSS (Singapore), $247,502 in amortisation of R&D, $300,128 in one-off costs associated with the acquisition of Global Health, and $204,533 in non-recurring costs related to staff restructuring.
In an announcement to the Australian Stock Exchange, the company said it had achieved significant research, development and investment over the last financial year amid adverse economic conditions and negative market sentiment towards the services sector.
The company said it achieved profitable operations and cash flow in the second half of the financial year, to June 30, and is confident its earlier investments will pay off this financial year. Subject to general market conditions, the company is targeting positive growth this financial year and is aiming for revenues of $9.5 million and profits of $1.5 million.