Melbourne IT records profit jump
- 01 March, 2006 11:27
Web services provider, Melbourne IT, has chalked up a 30.5 per cent increase in net profits for the year to December 31, 2005.
Net profits were up from $4.1 million in the previous year to $5.3 million, according to the company. This was recorded off revenue of $73.3 million, which also swelled by 21.8 per cent.
Managing director, Theo Hnarakis, said its direct, reseller and corporate divisions had all performed well. In particular, total consulting and value-added revenue from its corporate business doubled to $9.8 million, representing 13.5 per cent of the company's total sales.
The figures were indicative of reduced reliance on its domain name services business, Hnarakis said.
"Each of our three divisions grew by 20 per cent or more," he said. "We not only picked up new business, but improved our scope with services like monitoring and domain name recovery."
The focus for the current year would be on further broadening revenue streams by adding new products, Hnarakis said.
He singled out online identity and IP infringement, frauds and theft as key areas the company planned to tackle in the SME space.
The company would also look home and abroad for possible acquisitions.
Hnarakis said companies with annual revenues of up to $20 million would be preferred.
"About one-third of our staff now are internationally-based; 70 per cent of revenue is derived from outside of Australia," he said. "There are a lot of companies in this space that would suit."