Volante reports $3.1m profit

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ASX-listed services company Volante Limited reported a profit after tax of $3.1 million for the six months ended 31 December, a 2.7 percent increase on the first half of last year.

ASX-listed services company Volante Limited reported a profit after tax of $3.1 million for the six months ended 31 December, a 2.7 percent increase on the first half of last year.

The company earned $140.9 million over the period, down from $173.4 million in the corresponding six months in 2002.

In a statement Allan Brackin, group MD at Volante, said the company had adapted well to a changing market, building its managed services revenue as infrastructure revenue has been eroded by lower product prices. 'Volante Group now has major IT services revenue, with a significant and growing presence in the selective outsourcing market,' he said.

The group's merger with Aussie box builder Ipex Information Technology was completed on 12 February, creating a company with a market capitalisation of $165 million. Brackin said the merger provides scale for the company to attract larger contracts and increase its government business with an office and 180 staff in Canberra.
'Our market remains tough, but the group's results for the full year are likely to be in line with expectations. Our strategy is to sell more of our eight lines of business to each of our customers and to take advantage of opportunities opened up to us by our larger size and market presence,' he said.

Volante's Systems, the IT infrastructure products and services division contributed to 96 percent of the group's revenue. Its application development and business solutions arm Volante Solutions was hampered by a trend towards outsourcing in India, the company said.

The company had $14.6 million cash on hand at 31 December, up from $6.8 million in December 2002.

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