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Oakton shares bounce back

Oakton shares bounce back

Information technology services company, Oakton (ASX:OKN) shares have jumped over 8% today, rising 20c from a close of $2.28 to $2.48 at 1pm.

Oakton shares were sitting at $3.25 at the beginning of May but lost more than a quarter of their value to $2.17 as nervous investors generally deserted the stock market.

Oakton is currently involved in a legal stoush with Tenix Solutions over a contract termination. The case is currently before the Supreme Court of Victoria. In a statement on March 26th, 2010 Oakton CEO Neil Wilson advised that the claim was “approximately $26M” but that “there is no foundation for Tenix’s claim or the amount of the claim”.

In it’s interim financial report for the period ending 31 December 2009, Oakton reported a 59% profit increase to $10.2M on revenues of $93M.

Oakton provides specialist end-to-end IT services to plan, deliver and operate business systems, as well as business consulting, financial management and assurance services.

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