Darwin-based IT services group CSG today revealed it had bucked the global financial crisis and rapidly expanded its business in a period that saw some of its rivals suffer headwinds.
The company's revenues over the year to 30 June grew 48 per cent to reach $197 million, with net profits rising 24 per cent to $23.2 million, according to its latest financial results.
Not all Australian IT services firms had such a good year though; both Oakton and SMS Management and Consulting lost revenues and profits. "I'm extremely proud of the way the company has performed this year," said CSG chief executive Denis Mackenzie in a statement.
"I believe it's outstanding, and a credit to the great staff at CSG, that we've been able to grow earnings per share by 22 per cent in a year that has seen many of our competitors struggle."
Mackenzie said CSG's acquisition of failed IT services outfit Commander's managed services business, despite the fact that several included contracts had not been renewed, gave the group a platform outside the Northern Territory in Australia's eastern states.
Other highlights included winning the up to $60 million Ultranet project to build an information repository for Victorian schools, and a large, unnamed government deal in Western Australia.
"Internally, we are investing significantly in processes and systems. This is something that is increasingly important in our growing business, and we are planning on using the next six months to really work on building a strong foundation for our next period of growth," Mackenzie added.
However, it wasn't all good news for CSG in 2009; in May the company confirmed up to 100 staff might lose their jobs as the company looked to shed headcount after losing several contracts it had acquired from Commander. The company did not disclose its total headcount today.
CSG's employee expenses rose substantially in the year, up to $76.7 million, from a base of $47.9 million.