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UXC profit up 153% to $18.6m

UXC profit up 153% to $18.6m

IT services company UXC Limited (ASX:UXC) has reported a 153% increase in FY10 profit to $18.6 million, despite the drain of losses from discontinued government programs.

Revenue grew 8% to $686 million, and its continuing operations saw ebitda growth of 9%.

But in its annual report, UXC said it had been hit by losses related to federal government programs in the areas of renewable energy.

As a result, its discontinued Field Solutions group recorded losses and charges after tax of $21.5 million for the year.

Dropping the operations has resulted in a much improved outlook for FY11, UXC added.

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Tags financial resultsUXC LimitedASX:UXC

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