Fightback ’09: Slim pickings, but tasty morsels
- 04 March, 2009 10:28
With the reporting period coming to a close on the ASX a couple of positive final results breathed life into an otherwise lean week.
While Ingram Micro confirmed redundancies – including general manager of Solutions Group, Stuart Ellis – across its national business as part of a company restructure, Melbourne IT, Legend Corporation and ASG Group posted solid returns for the half year.
Perhaps the best performer for the week, ASX-listed Melbourne IT (ASX: MLB) chalked up its sixth consecutive year of growth with a 17 per cent increase in net profit to $16.2 million.
The hosting provider experienced a 21 per cent increase in revenue to $186.2 million for the full year ending December 31. But, CEO, Theo Hnarakis, told ARN despite the strong performance, it would take a cautious approach to sustain growth in the volatile economic environment.
IT components manufacturer and distributor, Legend Corporation (ASX: LGD), turned things around over the last six months with results showing it went back into the black – its net profit hit $3.13 million to December 31.
The company also reduced its debts from $34.09 million to $24.46 million. However, revenues were down $15.6 million.
Rivalling Melbourne IT for this week's best on ground was services provider, ASG Group (ASX: ASZ), which announced a bumper half-year to December 31, with net profits hitting $4.9 million.
The result is a 16 per cent increase on the same period last year and came with a 25.7 per cent increase in revenues, hitting $64.1 million. In other good news, software-as-a-service (SaaS) provider, Emantra, made three appointments on the back of substantial revenue growth.
The Microsoft Gold Certified partner recruited Greg Jones joins as general manager of operations, David Starrenburg as the new technical support engineer, and Natalie Smith as accounts and administration manager.