By Phil Boeyen, ShareChat Business News Editor
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Thursday 23rd August 2001 |
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The company has reported a 58% rise in revenue for the year ended June to $2.9 million but it has posted a tax-paid deficit of $974,000.
Chief executive Gavin Mitchell says the loss reflects the acquisition of Kinetiq and significant investment in the company.
"This has been a very active year for us, and Spectrum's annual results echo the strong growth strategy we've put in place for Kinetiq.
"Over the past year Spectrum has acquired Kinetiq, supported its expansion into the US and Australian markets, invested in its development team, and backed its rebranding strategy. The company has expanded rapidly to accommodate growth, with nine new staff spanning three countries."
Spectrum says its investment in Kinetiq includes $918,000 in recruitment and operating expenses of international staff, and a further $120,000 to cover marketing activity in Australia and the United States.
"Kinetiq's strong performance over the past year has grown out of Spectrum's ongoing support, and it is now in a good position to continue to expand internationally," says Mr Mitchell.
At the end of the year the company held over $3 million in cash, which it says will be used to implement Kinetiq's future strategy and in investments that complement its core business.
Mr Mitchell says he anticipates significant growth for Kinetiq based on performance so far this financial year and the interest shown in Kinetiq from emerging markets.
Kinetiq's software, PV2 is a billing engine that has been developed to help make utilities more competitive.
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