23/07/2009 - 09:54

Amcom upgrades FY earnings forecast

23/07/2009 - 09:54

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Perth-based Amcom Telecommunications has upgraded its earnings forecast for the 2009 financial year following an increase in demand for its services in the second half.

Amcom upgrades FY earnings forecast

Perth-based Amcom Telecommunications has upgraded its earnings forecast for the 2009 financial year following an increase in demand for its services in the second half.

In a statement, the company said it expects to report a net profit of at least $11.5 million, which includes a one-off tax cost of $1.5 million from the sell down of its Elders stake in the first half.

The upgraded profit forecast is 14 per cent higher than the reported fiscal 2008 earnings.

Amcom said it in the first half of the 2009 financial year, its annual recurring billing base increased by $3.5 million to $46.7 million.

In the second half, the billing base increased by $4.1million to $50.8 million, an increase of 18 per cent over the year.

The company expects to release its full year results in late August.

Shares in Amcom climbed 0.5 cents to 17.5c at 11:32 AEST.

 

 

The announcement is below:

 


Amcom Telecommunications Limited ("Amcom'') (ASX: AMM) provides upgraded guidance for the financial year ended 30 June 2009. The Company anticipates reporting a net profit after tax for its 100% owned operations of at least $7.7m, which is a 35% increase over the $5.7m recorded in FY 08, upgrading the previous guidance of at least 25%.

Amcom anticipates reporting a Group NPAT (including earnings from associates1) of at least $13m for FY09, which is an increase of 29% over that recorded in 2008 of $10.1m.

Reported Net Profit will be at least $11.5m, including the one off cost of $1.5m (net of tax) from the sell down and exit of Elders Ltd as major shareholder recorded in the first half. This is up 14% on FY08 reported earnings.

In the first half of the financial year the annual recurring billing base increased by $3.5m to $46.7m at 31 December 2008. Strong demand in the second half of the financial year resulted in a further increase of $4.1m in the annual recurring billing base to $50.8m, an increase of 18% over the year.

"Data networks are an essential service to business and we have been able to leverage our market position to deliver this organic growth. The demand for our fibre based data products experienced in the first half of the year has continued for the remainder of the year despite the global economic environment" said Mr Stein.

The company anticipates announcing its results for the financial year ended 30 June 2009 and outlook for the year ahead in the week commencing 24 August 2009.

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