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Synergy shows good turnaround in tough market

Synergy shows good turnaround in tough market

Technology company Synergy International Ltd has announced a profit after tax of $664,000 for the year to 31 March 2003 and has declared a fully imputed dividend of three cents per share. This will be paid on 1 July 2003 to all shareholders recorded as at 30 May 2003.

Chairman, Philip Shewell, said the improved performance was a direct result of a strong focus on operating efficiencies combined with a broader revenue base. Last year Synergy made a loss of $413,000 after tax.

The turnaround was achieved on revenues of $33.0 million compared with $31.9 million in 2002. The operating cash surplus for the year was $2.5 million, up $1.75 million. Mr. Shewell said the strong cash reserves in the company would allow Synergy to create value from new initiatives in the coming year.

International operations continued to provide a good income base for Synergy, up $400,000 to $6.4 million for the year. The UK business showed strong growth with revenue of $2.8 million and Asia contributed $3.5 million. Ends

About Synergy Synergy is a New Zealand-based company specialising in the delivery of management consulting and intelligent information technology services. It has traded since 1992. Its client base includes Government Departments, SOEs and leading corporates internationally. Synergy is listed on the Unlisted Securities Market of the New Zealand Stock Exchange. It employs over 200 people and operates out of Wellington, Auckland, Singapore and London.

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