DUG expanding global footprint

West Perth-based DUG Technology plans to open a new business unit in the Middle East, which will mark the company's fourth global geographical business hub. 

DUG managing director Dr Matthew Lamont, who helped co-found the high-performance computing company, says the move comes on the back of success in the United Arab Emirates.

“These are very exciting times for DUG," he said.

"The order book funnel, which includes project awards and risk-weighted opportunities and leads, remains very strong. Following a decision to establish a business development presence in Abu Dhabi, a great deal of opportunity has been unearthed.

"As a result, plans are underway to start a new business unit in the Middle East.

"Our sales team is also focused on the Kuala Lumpur and Houston offices as they continue their push into India and Brazil respectively, revealing fertile ground for the company’s growth.

"DUG’s balance sheet remains in good shape with a net cash position retained.”

The company also provided an update regarding its performance for the March 2024 quarter.

DUG's total revenue reached $US17.6 million, with this spurred on by its services product line, which generated $US14.5 million. This income stream rose by 45 per cent from the prior corresponding period, on the back of record contract wins for the company throughout the 2023 calendar year. 

Additionally, the company's earnings before interest, tax, depreciation and amortisation for the March 2024 quarter reached $US4.6 million, up from $US3.7 million during the prior corresponding period. 

As of 1.46pm WST, DUG shares last changed hands at $2.79 per share, up 2 per cent.