Burswood-based wireless communication technology developer Wavenet International Ltd secured a half-year net profit $946,000, up eight per cent on the previous corresponding period, the company announced today.
The full text of a company announcement is pasted below
Wavenet International Ltd today announced a consolidated pre-tax operating profit of $1,305,738 for the six months to December 2006, compared to the prior year profit of $878,169 for the corresponding period.
Group revenue was $6.5 million, up 18% on the previous year's equivalent period.
The Company retained a strong cash position of $10.18 million.
Wavenet's Chief Executive Officer Richard Timms said the result reflected the Company's recent progress in the United States and Australia.
"We are pleased with the strong result achieved especially given the increasingly competitive trading conditions in the wireless sector," he said.
"The challenge in the second half - and beyond - is to remain abreast of technological developments given the rapidly evolving market.
"Moving forward, we will be committing more to our sales and marketing resources to ensure we can continue to compete for major contracts."
"We will also be looking for new opportunities to replace expected maturing markets in some networks."
The search for appropriate acquisitions also continued in the first half of 2007 and remains a key area of focus for Wavenet.
Mr Timms said that although the Company had identified various potential acquisition opportunities in the first half, the process of finding suitable candidates remained a challenge.
"We are disappointed that we haven't been able to get further in the acquisition process.
"While we have seen many interesting opportunities, most have been start-ups and unlikely to add immediate value to the Company without significant investment."
The Company will be broadening its acquisition criteria in the remainder of 2007 to increase the candidate range. An update will be provided to the market in due course.
