Reverse Corp FY10 profit shrinks 67%

Reverse Corp FY10 profit shrinks 67%

Niche telecom services provider Reverse Corp (ASX:REF) has reported a 67% decrease in FY10 profit due to falling call volumes and forex losses.

Reverse Corp, which provides a reverse calling service, posted FY10 profit of $4.2 million, on 40% lower revenue of $23.6 million.

As well as declining call volumes in Australia and the UK, the company booked a $1.5 million goodwill writedown associated with its acquisition of TriTel Australia.

In a note to shareholders, interim CEO Paul Jobbins said the company was focused on improving demand for its services in Australia, the UK and Ireland, as well as expanding into new markets such as Spain and New Zealand.

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Tags Telecommunicationsfinancial resultsReverse CorpPaul JobbinsASX:REF

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