PRO: 2009/10 Expected Results
Preliminary management accounts for the 2009/2010 full year show a profit before tax of $0.8 million. The cash position for the group at the end of June 2010 was $4.45 million. Both the Prophecy business and the acquired Promadis business returned a profit for the year, albeit below budget expectations for each business.
A final dividend of 0.5c is expected to be announced once year end accounts have been finalized and audited during August, bringing the full year payout to 2.5c. The decision processes of our prospects have become more prolonged during the course of the year.
This has resulted in a number of incomplete transactions at the year end, which have impacted on revenues and lowered expected profits. The world economic conditions for capital intensive industries have had an influence on these decision processes. The high value of the Australian dollar during the year was also an influence on results, reducing revenues earned in US dollars and Pounds Sterling.
Both the Prophecy business and the Promadis business are forecast to show increased revenues and profits in this new budget year. Overall expenditure was on a par with last year, and was once again well controlled. Final revenues came in under the full year expectation, resulting in the lowered profit number for the year.
The Prophecy group remains debt free, with a strong Balance Sheet. Ed Reynolds Chairman.
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