By Nathan Dukes
Oakton has bounced back from poor earnings results in 09 by achieving a 59{db8ca4bbfe57dc8f9b6df9233a3a6c04f4968125edf9bb330d4f787c3a87cd09} (pcp) increase in net profit in the first half.
Despite a five percent drop in revenue, EBITDA (earnings before interest, tax, depreciation and amortization) was up 47{db8ca4bbfe57dc8f9b6df9233a3a6c04f4968125edf9bb330d4f787c3a87cd09} pcp to $16.5m.
“We are pleased to note that measures taken by us in response to the economic downturn have seen a return to margins achieved prior to the crisis and we are well positioned to capitalise on the now increasing demand,” said Oakton Managing Director and CEO Neil Wilson.
The company finished the first half of 2010 with committed revenue in excess of 70{db8ca4bbfe57dc8f9b6df9233a3a6c04f4968125edf9bb330d4f787c3a87cd09} of their full year forecast.
Oakton also reduced their net debt to $16.1m, down from $27m in the corresponding 2009 period.
“Oakton has been working to strengthen even further our market position as a specialist Consulting and I.T. Services company. Our aim is for growth to be through depth and differentiation, where we have a clear point of difference compared with local and global competitors,” Wilson said.
In addition to their recent success, Oakton was one of there finalists nominated for the 2010 BRW client choice awards, in the ‘Best I.T. Services Firm under $500m revenue’ category.
Oakton Chairman, Paul Holyoake, said there is ‘no doubt’ Oakton has emerged from the economic downturn a stronger company.
“We are very fortunate to have great people on the Oakton team who have worked creatively and energetically to meet our clients’ needs, and we will continue to focus on improved profitability,” he said.
“Oakton remains a very profitable, forward-looking company and we can now re-engage our growth strategy in the years ahead.”
