CSG posts strong half-year results
- 16 February, 2009 16:06
ASX-listed integrator, CSG (ASX: CSV), has joined the ranks of organisations bucking the economic downturn and posted strong half-yearly results.
In a release to the ASX, the Northern Territory-based player cited a revenue increase of 45 per cent year-on-year to $85 million, and net profit after tax of $11.1 million, up 36 per cent. It continues a period of growth for CSG, which acquired Commander’s managed services business and education ISC, CingleView last year, and posted impressive end-of-year results in August.
In an ASX statement, CSG CEO, Dennis Mackenzie said he was happy with the results and its position for the year.
“A large portion of our revenue is locked in through multi-year outsourcing contracts, while the remainder of the business has strong potential to be optimised for the type of conditions we’re likely to see,” he said.
He added that while the economic climate made predictions difficult, CSG was expecting good growth to continue. ABN AMRO Morgans senior analyst, Scott Power, said the results were in line with expectations.
“We put out a note in December with slightly downgraded forecasts in light of the economic climate,” he said. “CSG has met those forecasts.”
Power expected the integrator would meet its expectation to have a stronger second half year.