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Defence ICT Contracts Force Profit Upgrade

  • 02 August, 2004 10:43

<p>The following Company information will be sent to the ASX on MONDAY AUGUST 2</p>
<p>$7 Million in new financial year contracts, mainly with the ATO and Defence projects in Queensland, RAAF East Sale in Victoria and HMAS Albatross in New South Wales, resulting in a 50% first quarter, year to year sales increase to $18 Million – has forced recently merged and relisted Allied Technologies Group to upgrade profit projections.
The better than expected result has also caused a turnaround decision to pay a fully franked 1.5 cents per share cash maiden dividend.</p>
<p>Please call Allied CEO Ray Doak in Canberra on 02 6242 3000 or TERRY QUINN 0439 710 418 any time.</p>
<p>IN BRIEF: The recent (April 29) merger and relisting of secure videoconferencing specialist ServicePoint and Canberra based Allied Technologies (ASX:ATZ) - both with long standing relationships and contracts with Federal Government Departments such as Defence - would appear to be working well above management, and market, expectations. Allied's success also supports the recent ACS survey which revealed a recovery in Australia's ICT market. A multi-million dollar swag of new voice, video and data contracts with Defence, the ATO and a major corporate have produced increased profit forecasts - a 50% lift in year to year sales - and the promise of a surprise maiden dividend.</p>
<p>The following is the text of the information sent to the ASX:</p>
<p>(ACN 010 597 672)</p>
<p>SYDNEY Monday August 2: Following a review of orders in hand upon commencement of the new financial year – up from the previous year by 50% to $18 Million - its subsequent positive impact on profit projections, and in response to queries from shareholders and stockbrokers, the Directors of the Allied Technologies Group (ASX: ATZ) wish to advise of the Company’s budget projections for the financial year ending 30 June 2005, as follows:</p>
<p>Revenues $35 million</p>
<p>Profit After Tax $1.9 million</p>
<p>With further contracts approaching sign-off, the Directors will seek to update these projections during the course of the year. As at the close of business on 30 July 2004, Allied’s market capitalisation was approximately $10 million.</p>
<p>Investors should also be aware of Allied’s announcements of 19 July 2004 and 30 July 2004, in which it advised:</p>
<p>It had exceeded its prospectus profit forecast for the year ended 30 June 2004;</p>
<p>A fully franked cash dividend of 1.5 cents per share will be paid to shareholders - overturning a previously announced Director's decision not to pay a maiden dividend;</p>
<p>The Directors will introduce a Dividend Reinvestment Plan (DRP), details of which will be announced shortly;</p>
<p>The Directors have committed to take up their full entitlement under the DRP;</p>
<p>A number of major new contract wins, many with Federal and State Government Departments, have resulted in an order book of $18 million, up 50% on this time last year.</p>
<p>About Allied</p>
<p>Allied Technologies Group Limited (ATZ) is a specialist Next Generation Information &amp; Communications Technology services group offering total design, implementation and management for data, voice and video communications solutions for large corporates and government departments. The Group has specialist expertise in secure environments.</p>

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