The IT services provider reported a strong year’s profit of $20.2 million, a 42 per cent increase from the previous year. Managing director, Neil Wilson, said the result reflected its ability to successfully deliver its strategy.
The telecommunications services provider exceeded guidance to achieve an increase of 119 per cent net profit to the tune of $16.16 million. Revenue was also up - 101 per cent to $406.11 million. The M2 board has advised more conservative growth projections for FY11. It anticipates a seven per cent revenue hike and a 41 per cent NPAT.
At the same time as it had announced its FY10 results, SMS revealed it was in due diligence, potentially looking at two targets to bolt on to its growing base. For FY10, net profit was up 15 per cent to $27.9 million.
Vita Group, the owners of Apple reseller, Next Byte, saw strong growth return to the business due to iPad sales. The Group’s net profit was up 42 per cent to $7.7 million.
The services provider managed turn its profits around from the previous year when it suffered a $1.1 million loss, to $780,000 positive. It also mentioned its services revenue had also ramped up by 15 per cent after experiencing its strongest Q4 in its history due to some substantial government contract wins.