IT services provider Objective Corporation (ASX:OCL) has reported a 51% decline in FY10 post-tax profit to $2.1 million, due to softer than expected global sales.
“FY10 has been challenging for enterprise software vendor globally. Government reorganisations, expenditure review committees, UK elections and a cautious predisposition to delay projects has impacted on operations,” Objective CEO Tony Walls said.
But even as sales fell, revenue grew 3% to $41.5 million.
The relative strength of the Australian dollar also led to lower than expected bottom-line contribution from UK and New Zealand sales.
Shares in OCL have fallen 10.7% to $0.250 today since the announcement was made.
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