GDC happy with half-year

For the six months ended June the company generated a net tax-paid profit of $1.5 million, up from $1.34 million last year.

Revenue doubled to $34 million from $17 million previously due to the purchase of Dynamic Communications and six months of contributions from the company's other four Telecom patch contracts.

Contracting revenues alone increased from $6.4 million last year to $20.25 million, however the company says the increased levels of contracting business reduced average gross margins for the group.

The level of profit was also affected by expensing of all costs of integrating the Dynamic Communications business into the group and a highly competitive environment for its traditional telecommunications products and services in the first quarter.

On the positive side the company says this market rebounded strongly in May and June, with June being an all time record month.

Revenue from telecommunications and IT services was $12.45 million, up 16.3% on the $10.7 million for the first half of 2000.

GDC says over the past year the products and services offered by this division have been restructured to reflect new technology, and performance is expected to improve in the second half.

An interim fully imputed dividend of 1.75 cents per share has been declared.

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