SMS profit up despite adversity

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SMS profit up despite adversity
SMS Management and Technology reported a profit even though its acquisitions didn't pan out as expected.

Systems integrator SMS Management and Technology today reported a 7 percent rise in net profit to $30 million for the year ended 31 June.

Revenues rose 23.6 percent to $306 million.

In a statement to the Australian Stock Exchange, SMS chief financial officer Rick Rostolis said it was negatively impacted by the Queensland floods, a big recruitment drive and SMS's buy of IBM and Agile software development company Renewtek last year.

“While the Renewtek acquisition has not delivered the desired results as early as we expected, we are now seeing increased demand for their services and remain confident of a profitable contribution from this business in 2012,” Rostolis said.

SMS also bought Microsoft SharePoint and .NEt developer Microgenx in the past financial year.

It paid a fully franked dividend of 30 cents a share, up 3.5 percent on the previous year.

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