DATA#3 SHINES A PROFIT THROUGH THE CLOUD

DATA#3 SHINES A PROFIT THROUGH THE CLOUD
EVERYONE seems to benefit from moving to the cloud, Data#3 (ASX: DTL) is really benefitting though, welcoming a rise in revenue and profit as more people move to cloud-based solutions.

The Brisbane business technology solutions leader - which deals in solutions such as cloud, big data and security - saw its revenue grow 12.6 per cent to $457.5 million over the half year to 31 December and its net profit after tax increase 19.2 per cent to $4.3 million.

In an announcement to the ASX today, Data#3 CEO Laurence Baynham says the company has a strong balance sheet with no debt and he is confident future direction will support growth.

"We continue to see a trend to move to cloud-based solutions and I am confident that we are well positioned to fulfil our customers' current and future requirements," says Baynham.

Both product and services had similar growth over the half year compared to the previous corresponding period. Data#3's product revenue lifted 12.6 per cent to $371.1 million and services revenue was up 12.9 per cent to $85.6 million.

The company notes the pressure from higher rents in Brisbane pushing up operating costs, as well as increasing staff. Total expenses increased 8.5 per cent from the same period the year before.

Data#3 will pay a fully franked dividend of 2.5c per share, up 19 per cent on the prior corresponding period.


Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

How tech rebooted economics and platforms broke the invisible hand

How tech rebooted economics and platforms broke the invisible hand

Growing evidence and new research explain the evolution of economic...

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Fortescue Metals Group (ASX: FMG) has announced a major restructure...

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

The Australian Retailers Association (ARA) has called on new g...

Cannon-Brookes launches shareholder campaign against AGL demerger

Cannon-Brookes launches shareholder campaign against AGL demerger

Australian billionaire and Atlassian co-founder Mike Cannon-Brookes...