Friday 19th September 2003
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Neither appeared to be substantial, although the company doesn't make the impact clear.
Subsidiary APL Plus lost an applications support contract that was a major part of its business but not a material part of the group's. Provenco last year had revenues of $47 million.
The retail automation division this week won a $4.5 million contract to supply an "integrated service automation solution" for "one of its international clients," starting early next year.
Provenco's June-year profit announcement was a masterpiece of the art of trying to put a positive spin on a dog of a result. The profit before unusuals and tax was $1 million, down from $2.5 million the year before, and a $6.6 million writedown of intellectual property took the bottom line to a $6.4 million loss.
The stock exchange release dwelt on the improvement in second-half operating earnings, which were $843,000, compared with $183,000 in the first half.
With a cost of capital of about 16%, however, the company is going to have to do a lot better than that before investors are impressed.
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