ASG Group books record $11.3 m profit

ASG Group has defied a challenging IT services market to book a record $11.3 million net profit for the 2009 financial year.

The Perth-based IT services provider said the final net profit result was a 24.8 per cent increase on the previous year.

The provider also beat its earnings forecast of $19 million, with earnings before interest, tax, depreciation and amortisation reaching $20.4 million, a jump of 25.3 per cent on fiscal 2008.

Basic earnings per share was 8.5 cents, up 20 per cent, and directors have declared a second half dividend of 4.5 cents, bringing the full year dividend to 5.5c a share, fully franked.

ASG managing director Geoff Lewis said the result had surpassed all previous financial records, reflecting a strong performance across each of the company's regions.

"This record result is particularly pleasing given the significant slowdown in the Australian economy and some parts of the IT services market," he said.

"The result was underpinned by our asset bank of long term managed services contracts as well as a number of new contracts secured during the year."

"While we expect conditions in the broader IT services market to continue to be challenging in the year ahead, our sector of the market continues to expand and we are forecasting further growth in our revenue and earnings in FY10."