Manaccom profit increase with growth in key business divisions

Staff Writers
Friday, 20 February 2009 08:32

IT Industry - Market

Australian IT and e-commerce company, Manaccom (ASX:MNL), has achieved a 34% increase in net profit after tax for the half year to December 2008 following solid growth in its online and software publishing and distribution divisions.

Manaccom CEO, Mike Veverka, said the profit performance was a result of 22% growth in the online division and a 20% growth in the software division.
 
Veverka said that for the 6 months to December 2008, revenue was $23.5 million, with a net profit after tax of $1.0 million.

“Both divisions performed extremely well and have bucked the general trend with a strong result. January trading has been strong providing a robust foundation from which to grow the business as well as the recent acquisition of Star System Solutions”, he said.

Veverka said the online division business was acquired in 2005 and is involved in the online sale of Australian lottery tickets from Ozlotteries and from a number of outlets in Pacific countries, including Fiji, Samoa and Norfolk Island. The distribution and software publishing business was acquired in 2007 and publishes and markets popular software titles through large retailers and independent resellers in Australia and New Zealand.

According to Veverka, to ensure continued growth and to “remain at the forefront of the IT industry,” Manaccom has two emerging ventures – Sellerbyte, a division marketing software online on behalf of developers and the development of web based applications to simplify the use of the internet by business; and Jumbo Interactive, a division involved in internet advertising and online traffic management.