SMS Management and Technology (ASX:SMX) said its net profit increased 7% in FY11 to $29.8 million, despite delays reaping the expected pay-offs from a recent acquisition.
The consulting, IT and systems integration services company grew its revenue 23.6% to $306.1 million, in a result mostly attributed to organic growth – acquisitions over the year contributed just $10.3 million.
Announcing the results, CEO Tom Stianos acknowledged that the acquisitions of systems integration firm Renewtek in September “has not delivered the desired results as early as we have expected.”
But he said the company was seeing increasing demand for Renewtek's specialised enterprise content management and business process management services, “and remain[s] confident of a profitable contribution from this business in 2012.”
The company also acquired Microsoft SharePoint implementer Microgenx during the financial year.
Ebitda grew 10.8% to $42.2 million, but was impaired by delayed Renewtek sales, the Queensland floods and investment and recruitment activities.
SMS Management signed contracts worth $351 million during the financial year, and made inroads into Asia, Stianos added.
The company will pay out a final dividend of 16.5 cents per share, which translates to a full-year payout of 30 cents.
SMX shares increased 5.91% on Wednesday to $6.090.