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Powerlan's money in the bank

Powerlan's money in the bank

Powerlan has revealed its bank balance cleared the $25 million mark in the announcement of its half-yearly results yesterday afternoon.

The services company posted an operating profit after tax for the period ending December 31 of $9.5 million. Its revenues for the period grew 166 per cent on the corresponding six-month stint in 1999 coming in at $152 million.

The company was buoyed by the float of its 51 per cent owned subsidiary, Clarity International, which strengthened Powerlan's half-yearly profit by $1.2 million. The company also relied on a number of software acquisitions, such as Rapid Web Publisher and Office Converter, to beef up its international sales while the expansion of its Portfolio Management System offering resulted in two significant sales in the region.

Powerlan's training division was busy in India during the six-month period while its finance team crunched numbers to offer branded financing packages for Toshiba products.

Meanwhile Powerlan's managing director, Theo Baker, took the opportunity to lash out at market rumours suggesting the company could be following industry trends to downsize its operations.

"Contrary to market sentiment and driven by business demand, Powerlan has been recruiting at a rate of 35 new staff per month on average over the last six months," Baker said in a company statement.

The company closed three cents down following the news last night at $0.98 per share.


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