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Infinity Group doubles half year profit

Infinity Group doubles half year profit

WELLINGTON — 12 August — Infinity Group, one of the largest New Zealand-owned IT and consulting businesses, achieved a profit of $1.2 million for the six months ended 30 June 2005.

The result is a substantial improvement on last year’s first half profit of $627,000.

Infinity Solutions CEO Stuart Robb said the overall quality of the result was significantly better and reflected growth in services revenue, higher gross margins from both services revenue and product sales, and lower overhead costs.
First half revenues of $27.4 million were virtually unchanged on 2004.
“The growth in services revenues offset a decline in lower margin product sales. This was reflected in more consistent achievement and contribution across the business,” Robb said.

He said he expected the second half of the year to show positive growth. “The first half has carried through into the third quarter and gives us confidence that the 2005 result will be well up on 2004. We’re starting to gain real momentum.”

He put the increase in profit down to new business and growth in the profitability of the company’s Southern region, in particular. He said the company’s software solutions division had been a star performer.

“The significant consolidation in the IT sector, both domestically and internationally, has changed the competitive landscape. The whole industry has matured significantly. Customers need new solutions that help them achieve their goals and be successful. We have never been better placed to offer solutions that are reliable, affordable and improve productivity and performance.”

The Group’s overall financial position continues to improve, with equity increasing to $13.6 million, no debt and $5.5 million cash. The maiden dividend of $691,000 was paid in April 2005.

“Infinity Solutions is well placed to lead in this new market landscape and stands to be judged by its ability to do so over the next 24 months.”

ENDS

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