Data#3 predicts "solid" growth in first half

Data#3 predicts "solid" growth in first half

Forecasts first half profit of $4.5 million to $5.5 million

Data#3 managing director, John Grant.

Data#3 managing director, John Grant.

Credit: ARN

Data#3 has predicted solid growth in first half of the 2015 financial year in continually "challenging" operating conditions.

The preliminary first half outlook indicated a profit range of $4.5 million to $5.5 million, up from $3.7 million in the previous corresponding period.

Data#3 chairman, Richard Anderson, told the annual general meeting that the 2014 financial year saw a continuation of the challenging operating conditions experienced in 2013, but that, pleasingly, even in a highly competitive market, Data#3 was still able to gain share and grow top line revenues by 8 per cent.

"Our people have worked very hard to return to revenue growth and the board thanks them for their continued dedication and commitment," he said.

"The growth also demonstrates the continuing relevance of our offerings to ever-changing customer needs and the value of our extensive market coverage."

Data#3 managing director, John Grant, who will step down in December 2015, said he expected to achieve solid growth on FY14's frist half profit result of $3.7 million.

"While ICT investment remains constrained, our projections are showing first half net profit before tax in the range $4.5 to $5.5 million," he said.

"The final result however is dependent on our vendor partners' ability to supply, which we can't be certain of right up until the end of the half.

"This projection underpins the full year guidance to improve on last year's pre-tax profit of $10.9 million."

Grant will complete his contract as managing director on December 31, 2015.

Lawrence Baynham has been appointed chief executive, effective immediately.

Anderson said Grant would have responsibility for transitioning all current operational responsibilities and relationships to Baynham, up until his departure from the company.

"Following John's completion of his role as MD he will maintain a strong involvement with the company through his positions as chairman of the board of Discovery Technology and a member of the advisory board of Business Aspect," he said.

Read more: Women’s Legal Service the big winner at Data#3 golf day

"After a suitable period the board and John may consider his appointment as a non-executive director."

Grant said Baynham had been a committed and loyal deputy for the past 10 years and I'm totally comfortable that we will achieve an effective transition.

"Our customers, our shareholder and our people will benefit from the skills and experience he brings."

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Tags Data#3John GrantRichard AndersonLaurence Baynham2014annual general meeting


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