Signs of recovery in DUG's first half

22/02/2021 - 12:00

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DUG Technology has reported first-half revenue of $24.2 million as the company continues to recover its earnings to pre-COVID-19 levels.

Signs of recovery in DUG's first half
Matt Lamont says it's pleasing to see DUG’s software and HPCaaS offerings gaining momentum. Photo: Gabriel Oliveira

DUG Technology has reported first-half revenue of $24.2 million as the company continues to recover its earnings to pre-COVID-19 levels.

Announcing the results to the ASX this morning, the West Perth-based computing and mining services firm reported a 7 per cent increase in revenue for the six months to December against revenue of $22.6 million in the six months to June.

While that result was still down on the first half of 2020, when the company earned $26.8 million, the company indicated in an accompanying release that positive trends were apparent throughout major operating segments.

That included revenue for the company’s software suite, its high-performance computing as a service and its services revenue overall.

Underlying earnings for the six months to December were $4.2 million, up slightly on $4.1 million in earnings for the six months prior, but down on the $5.1 million figure reported one year earlier.

“It is pleasing to see DUG’s software and HPCaaS offerings gaining momentum,” Matthew Lamont, managing director and founder of DUG, said.

“Our software, HPCaaS and scientific data analysis for the global technology, science and resource sectors, provides our clients with direct access to world-class HPC facilities, algorithms and visualisation software.

“DUG is well positioned to service the oil and gas industry while also providing our products into a broader set of exciting new domains including radio astronomy, genealogy, biomedical research, meteorology and universities.”

The company’s first-half results have been released on the same day that its facility in Houston, Texas, has been restored following the declaration of a major disaster in the US state.

Shares in DUG were trading at $1.03 as at 1pm AEDT.

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