By Phil Boeyen, ShareChat Business News Editor
|
Tuesday 26th February 2002 |
Text too small? |
Spectrum announced its first half results on Tuesday and although a $40,000 net profit isn't a lot to crow about the company has highlighted the 33% revenue growth at its wholly owned Kinetiq subsidiary.
Chairman and CEO Gavin Mitchell says the six months to the end of December was a period of strong growth for Kinetiq, which made successful moves into both Australia and Singapore.
"Kinetiq has identified significant market opportunities in both Australia and Singapore, as energy sectors in these countries undergo deregulation and structural changes."
During the period the company made its first licensed sale of its billing and contract management software, PV2 in Australia and has also secured sales to energy companies in Singapore.
"These recent implementations have enabled us to develop more efficient processes, refine our project management approach and advance our support capabilities," says Mr Mitchell.
"In North America, we have generated further revenue through the establishment of Kinetiq Canada, the result of our acquisition of former joint-venture company Utility Settlement Ontario (USO.)
"As the Canadian energy sector transitions toward deregulation, Kinetiq Canada is showing energy companies how to thrive in the new market conditions and is actively pursuing sales in the Canadian marketplace."
Mr Mitchell says US companies are also re-evaluating their business strategies and IT solutions in the wake of the Californian energy crisis, the collapse of Enron and political debate surrounding deregulation, which is opening the prospect for more US sales of PV2 in the second half.
Although revenue rose to $2.6 million for the six months the company says costs are also up, reflecting an increase in staff from 19 to 26 and the acquisition of USO.
Spectrum is anticipating what it calls a "period of increased momentum" in the next term and says Kinetiq has already secured forward orders for delivery over the next six months.
"Globally, Kinetiq has a strong prospect base and is pursuing excellent sales opportunities in both Australia and South East Asia," says Gavin Mitchell.
"US energy companies have developed strategies to move forward in a changing environment, and Kinetiq is reporting a much higher level of American interest in PV2 than experienced in 2001."
Mr Mitchell says the company is also looking at new opportunities in Europe.
No comments yet
