IT services provider, Oakton, has reported a strong year’s profit of $20.2 million for the financial year ending June 2010.
This is a 42 per cent increase on the previous year, while revenue remained steady at $186 million and earnings before tax increased 32 per cent to $32.2 million.
The figures also factor in legal costs amounting to $1 million in relation to a dispute with Tenix, which is currently in arbitration.
In a statement, Oakton managing director, Neil Wilson, said its results reflected its ability to successfully deliver its strategy.
“We are well positioned to capitalise on the now increasing level of demand across industry and government sectors,” Wilson said. “We are particularly pleased with significant market share gains in Sydney and Brisbane.”
“The Board continues to focus on debt reduction and subject to any investment funding for acquisitions, we would expect to eliminate our debt by the end of calendar year 2010.”