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ASG's 1H profit grows 32.5% to $6.5m

ASG's 1H profit grows 32.5% to $6.5m

IT services provider ASG Group (ASX:ASZ) lifted its net profit 32.5% to $6.5 million in 1H10, on the back of strong service revenue growth.

The company announced it won $58 million in new contracts, and made preferred tenderer status on two more.

But groupwide revenue fell 9.3% to $9.3 million, due to lower product sales and capital project revenue.

A reduction in overheads and the cost control initiatives put in place for the economic downturn also helped offset this revenue decline.

ASG managing director Geoff Lewis said he was confident that full year earnings for FY10 will show some degree of growth over the previous year, despite planned investments in new growth initiatives.

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