DWS’ performance strong in the face of tough conditions

DWS’ performance strong in the face of tough conditions

Further opportunities seen in the banking and finance, and the utilities sectors

IT services provider, DWS Advances Business Solutions (ASX: DWS), has returned a strong year-on-year result and is confident of growth going into the second half of FY2011 and FY2012.

The company announced its financial performance during conferences held by Deutsche Bank and Goldman Sachs.

Despite headwinds which detracted from performance, such as projection completion, federal and state elections, and major client Christmas closedown, revenue for DWS went up to $48,454,000 in December 2010 from $48,122,000 a year earlier.

While the earnings before tax fell by 5 per cent from $13,403,000 in December 2009 to $12,769,000 a year later, DWS’s cash reserves continue to improve thanks to strong net flows from operations and the maintenance of a zero debt position.

Revenue for DWS in the Information and Communications Technology sector fell by 6 per cent from June 2010, but went up by 5 per cent in the Government sector in spite of the disruption caused by the federal and Victoria state elections in the first half of the year.

DWS is confident that the banking and finance, as well as the utilities, sector will contribute to revenue growth in the second half of the year, enabling the company to have no one client over 20 per cent revenue by June and further strengthen its sales team through additional investment.

Improving market and economic conditions are also expected to bring forth a strong FY12.

“The market for highly skilled staff remains competitive,” DWS Chief Financial Officer, Lachlan Armstrong, said. “We have commenced our 457 Visa program and expect that this will assist us in meeting our staff requirements for FY12 and beyond.”

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Tags DWSfinancial results

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