CSG scores 1,200 new customers with $6m buyout

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CSG scores 1,200 new customers with $6m buyout
Julie-Ann Kerin

Print and IT provider CSG has acquired Western Australian print solutions business PrintSync for $6 million, adding 1,200 customers to its books.

CSG's 2016 financial year report, released Monday, showed the May addition of new managed print customers helped the firm's Enterprise Solutions unit grow 30 percent in revenue.

PrintSync continued to offer its Canon range of print and document workflow solutions, adding to CSG’s Samsung range of print, IT, and display graphics technology.

CSG Enterprise Solutions unit recently won a $2.5 million five-year contract with a global financial services company - the first deal for its communications-as-a-service offering.

The 2016 results revealed another strong year for CSG, with a total revenue of $246.6 million for 10 percent growth compared to last year's $224.3 million.

The company has shown steady growth since 2013 when its annual revenue was at $181.3 million.  

"We are pleased with the full year result and the continued growth in technology-as-a-service sales. Financial year 2016 was a successful transition year for both the business solutions and enterprise solutions divisions and we are excited about the growth outlook in Australia and New Zealand," CSG chief executive and managing director Julie-Ann Kerin said.

Net profit after tax climbed 20 percent, reaching $25.6 million.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to $38.1 million, which was up 14 percent compared to last year's $33.5 million.

According to the company, there was an increase in the adoption of CSG's technology-as-a-service suite with Business Solutions Australia technology sales representing 34 percent of equipment sales, which translated to 20 percent of the total group equipment sales.

"We have proved our execution capability and will leverage CSG's unique product and service offerings to further improve our value proposition to customers and deliver growth for our shareholders," said Kerin.

CSG listed on the ASX in 2007. On 1 July 2015, the company's share price was $1.58, compared to $1.49 to close the financial year on 30 June 2016.

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