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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.
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