The ARN is featuring an article this morning reporting the first-half profit of Queensland based distributor Cellnet. "Cellnet has reported a 64% increase in net profit to $1.524 million for the first six months to December 31.
Firstly let me congratulate Cellnet on this outstanding turnaround and excellent profit. Cellnet in the past had faced some difficulty in their traditional IT market and had made some difficult decisions around the time of the GFC in order to return some good results to their shareholders. Cellnet's plan to reorganize their business to focus on key market segments and areas of traditional strength appears to be paying off well. Not only are the Cellnet management team to be commended, but their staff also. Posting a profit this high takes a lot of dedication from all areas of the business with a single minded focus on being the best possible. In a competitive distribution market in Australia, this is quite an achievement.
The other point to note is Cellnet released with their results information that their balance sheet remained debt free - WITH $19M IN CASH RESOURCE! As we all know, cash is king, and seeing the financial hardship many technology businesses have seen in the last two years, this revelation from Cellnet shows they're a forward thinking company and preparing for a big second half of the year.
Article can be found at; http://www.arnnet.com.au/article/375909/cellnet_displays_strong_first-half/?eid=-100&uid=26651
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