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itX (ASX:ITX) forecasts 6.5% profit gain in FY10

itX (ASX:ITX) forecasts 6.5% profit gain in FY10

IT software and hardware distributor itX Group (ASX:ITX) has revealed it expects unaudited profit of $7.6 million for FY10 – a 6.5% improvement over the prior year.

The company said revenue grew by 9.1% to $159.9 million, as gains at the company's web hosting and technology products divisions outbalanced declines in its IT distribution business.

The itX Group ended the financial year with cash balances of $11.8 million, and no debt. It has declared a dividend of 4.25 cents per share.

Managing director Laurie Sellers said itX has a mixed outlook for FY11.

“The tough market conditions experienced by out IT distribution segment in the last half of [FY10] are not expected to ease, at least in the first quarter of the new year. On the other hand, our web hosting and technology products businesses should continue their strong performance,” he said.

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Tags GuidanceICTitX GroupASX:ITX

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