GDC aims for improved interim

The company says revenue to the end of April was 117% ahead of the same time last year. Contracting revenue rose 351%, reflecting the new Telecom Patch contracts and the purchase of Dynamic Communications.

GDC says tax-paid net profit is also ahead and, provided a reasonable proportion of the work currently in train is completed by the end of June, profit for the first half year should exceed the $1.343 million last year.

Speaking at the company's AGM today chairman Stuart Johnstone told shareholders that last year had been an "extremely busy and difficult" one for the company.

During the year the company listed and completed a number of acquisitions, but it also experienced a tough third quarter, which impacted on the full year results.

"We ended up making a profit of $4.5 million pretax and just over $3 million after tax, which were similar to the profit levels in the previous year but 25.9% below our prospectus forecasts," says Mr Johnstone.

In particular the company has grown its contracting business, which currently accounts for more than 50% of group revenues, although the company intends over the long term for it to account for no more than 33%.

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