Menu
Menu
ICSGlobal decimates loss after turnaround drive

ICSGlobal decimates loss after turnaround drive

IT consulting and e-business company ICSGlobal (ASX:ICS) said it had shrunk its 1H loss to just $6,000 on revenue growth and turnaround efforts.

The company grew revenue 49.3% to nearly $566,000, and slashed its operating cost outflow to just $88,000, from $1 million in 1H10.

After adjusting for a one-off non-recurring expense and the finalisation of last year's business sales, the company recorded a net profit of $46,000 and positive cash flow of $23,000.

ICSGlobal, which reported a $565,000 net loss in 1H10, has been embarking on a business turnaround.

In a statement, the company said that now that it had achieved this, the board will be able to “dedicate more time to the evaluation of a number of opportunities to find a suitable business for ICSGlobal to restore shareholder value.”

The company said it currently has no full-time employees in Australia and the directors are on half their fee entitlements, as part of its low-cost model for its Australian operations.

ICSGlobal's UK operations increased revenue 84.2% to £521,000 ($834,000) and profit 179.2% to £134,000. In Australian dollar terms, revenue grew 53.1% and profit 132.6%.

ICS shares fell 5% on Tuesday to $0.019.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags it servicesfinancial resultse-businessICSGlobal

Show Comments