EBIT expected to be up 21% on previous year
BRISBANE, Friday 11 July 2008. Data#3 Limited (ASX: DTL), an information and communication technology solutions company, today announced that results for the 2008 financial year were anticipated to be ahead of general market expectations.
Subject to year-end audit, revenues in excess of $360M and EBIT of approximately $12M are predicted for the year ended 30th June 2008. This constitutes another record full year result for the company.
Revenues for the 2007 financial year were $285M, and EBIT was $9.9M, while revenues for the first half of 2008 were $157M, and EBIT was $4.7M.
Managing Director John Grant said the second half performance had more than met expectations. “This result is exceptional,” Mr Grant said. “We had indicated that we may not cover the extra expense of around $3M in the second half associated with the recruitment of almost 50 people ex Commander but happily this has not been the case. Our acquisition of Fingerprint Recruitment Services effective from January also played into the result but it was our core business that delivered by far the bulk of the strong second half anticipated to be up 24% on the previous corresponding period.”
The Board intends to announce the audited full year results and the final dividend on 25th August 2008.
Intention to extend on-market share buy-back
The Board also announced its intention to extend the on-market buy-back (of up to 10% of the company’s ordinary shares) for a 12 month period, commencing 1st September 2008.
“Whilst the company’s share price, due to general market conditions, is currently lower than the peak price set earlier in the recent financial year we are satisfied that the buy-back continues to help deliver improved shareholder return on a sustainable basis and reduce volatility in the company’s share price. Consequently we will extend the buy-back for a third year,” said Chairman, Richard Anderson. “Subject to determining the final result we intend to maintain our established dividend payment practice.”
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