By Phil Boeyen, ShareChat Business News Editor
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Wednesday 31st October 2001 |
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Advantage has updated the market on its current position and says in the three months ended September it lost $169,000 on revenue of $15.932 million. Although no comparative figures are given, last year the company's half-year revenue was $42.29 million.
MD, Tony Bradley, says while the company had predicted a further softening of the IT services sector, it could not predict the collapse of Ansett Australia and the fall-out from the events of September 11.
"An additional issue has been the poor performance of our web development subsidiary in Sydney and the cancellation of the sale and purchase agreement.
"This unique combination of events has hit us just as we were positioning for recovery and they have impacted both our local and international businesses."
Mr Bradley says some revenue potential is just no longer available and some has been delayed as clients review their IT spend globally.
"For example, our retail automation division, which exports more than 90% of its products, was expecting multi-million dollar deals for its new generation product G-5, and these sales have been delayed."
"While I had hoped to report a more positive picture, recent events have compounded to delay our recovery and it is difficult to predict when the market will settle," says Mr Bradley.
Despite the difficult times Mr Bradley claims the company is demonstrating resilience and flexibility and is positioned for recovery when market conditions improve.
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