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Latest results show Powerlan continues to make progress

  • 15 September, 2003 11:12

<p>Turns $142.5 million loss in 2001/2002 into net profit of $2.5 million for 2002/2003</p>
<p>SYDNEY, Australia – Powerlan Limited (ASX: PWR), a group of software developers and vendors, has achieved a net profit of $2.5 million for the financial year (FY) ended 30 June 2003, based on revenues of $71 million. Earnings before interest and tax (EBIT) was $4.7 million.</p>
<p>These figures compare with a loss of $142.5 million in FY 2001/02 on revenues of $211 million.</p>
<p>Results summary:</p>
<p>2003 $’000
Sales revenue -- 61,025
Other revenues from ordinary activities -- 9,905
Total revenue -- 70,930
EBITDA -- 9,726
EBIT -- 4,707
Net profit/(loss) attributable to members of the parent entity -- 2,530</p>
<p>2002 $’000
Sales revenue -- 202,440
Other revenues from ordinary activities -- 8,637
Total revenue -- 211,077
EBITDA -- (135,127)
EBIT --(142,312)
Net profit/(loss) attributable to members of the parent entity -- (142,452)</p>
<p>“The drop in turnover and rise in profits is in line with the transformation of our organisation from a high-volume reseller of other vendors’ products, to a group of companies that develop and implement a range of software and services that meet the needs of specific industries,” said Theo Baker, Chairman of Powerlan Limited.</p>
<p>“We have now completed the group’s transition, having consolidated the operations into selfcontained, separately branded, operating companies. Non core businesses have been divested and the focus now is on strategic software and services where we own the Intellectual Property. This model, we believe, enables us to improve the inherent value of our organisation and have better control of our destiny.</p>
<p>“The new Powerlan business model provides a foundation for the creation of a reliable recurring income stream that is based on annual software licenses, subscription and maintenance fees for the supply of our mission critical technology. Diversification of the Powerlan business is achieved through the participation of the group’s companies in a variety of industries such as Banking and Finance, Telecoms and Utilities and other Enterprises.</p>
<p>“We are pleased with the result, particularly as the Australian and global IT markets continue to face a difficult business environment,” Mr Baker said. “We will continue to maintain a tight rein on costs as we strive to increase revenues and profitability.”</p>
<p>Powerlan has continued to address legacy issues relating to its revenue model and debt payments, extinguishing some of those debts and having strategies in place for those remaining. The company still expects to occasionally experience negative operating cash flows for short periods over the coming year while it continues to meet legacy debts.</p>
<p>Powerlan’s operation includes:</p>
<p>Clarity that offers carrier-grade Operational Support Systems and Network Management Systems;
ConverterTechnology that enables large businesses to cost-effectively migrate from one software platform or version to another;
Garradin that offers a suite of software products aimed at investment managers;
IMX Software that offers international monetary systems focused on travel money and foreign exchange; and
Zento, a provider of managed services in the IT security and communications areas.</p>
<p>About Powerlan</p>
<p>Sydney-based Powerlan Limited is the holding company of a number of Australian software vendors, developing and implementing vertical solutions for enterprises both locally and internationally. One of its companies, Zento, also provides managed network and security services.</p>
<p>Each of the Powerlan companies provides a range of complementary specialist implementation and maintenance services such as consulting, business analysis, project management and software engineering.</p>
<p>Powerlan’s diverse customer base includes high-profile organisations from Australia and overseas such as Macquarie Bank, Reliance Infocom (India), Sri Lanka Telecom, Perpetual Trustees, American Express (globally), Commerze Bank (Germany), Philippines Long Distance Telephone company, and MyTravel (a major UK-based travel services provider).</p>
<p>Further information on Powerlan Limited, its companies, products, and customers, can be found at</p>
<p>- ends -</p>
<p>For more information:
Powerlan Limited
Theo Baker Chairman
Phone: +612 9925 4601</p>
<p>Watterson Marketing Communications
Hannah Watterson
Phone: +612 9437 6122</p>

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