Mobile phone and product retailer Vita Group (ASX:VTG) has posted a 42% increase in FY10 post-tax profit on lower expenses and retroactive commission payments from Telstra.
While revenue was down 2% to $291.7 million, margins improved slightly to 35.4% and profit grew to $7.7 million.
The company said it had received payment for historic commissions from Telstra as part of a new Master Licensee agreement with the operator.
But Vita declined to pay a dividend for the year, citing its commitment to debt reduction and the scope of its new store rollout.
VTG shares are today trading 3.3% higher at $0.310.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.