CITEC Releases 2003/04 Business Report

17 November 2004

CITEC today announced the release of its 2003/04 Business Report, citing an economic entity surplus before income tax for the financial year ending 30 June 2004 of $2.7m, a turnaround of $2.3m on last year's result. CITEC's net profit for the financial year was $1.3m, an increase of $2.3m over the same period.

The result was achieved largely due to a renewed focus on CITEC's go-to-market strategy. In doing so, CITEC sharpened its customer focus through vertical industry segmentation and business line specialisation, and products and services were bundled into service solutions and tailored to meet clients' business strategies.

During the financial year CITEC business and technical teams implemented up to 40 ongoing concurrent projects, with a combined value of more than $15m.

CITEC is strongly expanding its position as a leading supplier of information services and information brokerage services. The company's secure data centre upgrade in Sydney and Brisbane has also proved very successful.

The Information Brokerage business performed ahead of financial targets due to the strength of the Australian housing market, outperforming market expectations and delivering an increase in revenue of $4.2m to deliver over $47m.

CITEC also relaunched its software services division, which provided software development, integration, application support, database administration and consulting services to a range of public and private sector clients.

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