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Infinity Group doubles full year profit

Infinity Group doubles full year profit

12 March 2006 — Infinity Group, one of the largest New Zealand-owned IT and consulting businesses, reported more than doubled full year profit and a 19 per cent lift in operating revenue today.

The company posted an operating profit of $4.16 million for the year to 31 December 2005, compared to $1.9 million a year earlier. Total operating revenue rose by over $10 million to $65.5 million.

CEO Stuart Robb said the result exceeded expectations and reflected a strong performance in a positive market. “We gained significant momentum in positive market conditions, especially in the second half of the 2005 year. We won more business than we expected, which gives us confidence looking at the year ahead.”

He said a listing on securities trading facility Unlisted, slated for late April, will follow a $5.08 million capital return by way of share buyback and provides the means for shareholders to freely trade their shares.

The company is to double its maiden 2004 dividend payment to 2 cps, of which 50 per cent is imputed, to be paid on April 26. Notwithstanding a $5.08 million capital return through a pro-rata purchase and cancellation of three shares in every 20 shares held, or 49 cps, the company retains a strong financial position and projects around $7 million in cash balances by the year end.

“We are a much stronger company than we were three years ago,” Robb said. “We went into 2005 focused on pursuing revenue growth and higher profits. It is particularly heartening that we can start to reward our shareholders adequately.”

Robb put the company’s strong performance down to its approach to solutions provision. He said the consolidated New Zealand supplier market meant customers were increasingly seeking out partners who could manage the people and process changes demanded by new technology. “Products are widely understood and available from many places. However, what businesses increasingly recognise is the importance of getting people, processes and systems strategically aligned in order to achieve successful outcomes. This is where we come into our own, by providing excellent service in relationships built on knowledge, mutual respect and trust.”

Robb said Infinity Group didn’t expect to suffer from the prevailing climate of increased macro economic pessimism and anticipated continued profitable growth through opportunities in existing areas of capability and product strength.

ENDS

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