Keycorp transformation pays off

Company posts strong financial results for first half of financial year

ASX-listed secure electronic transaction solution provider Keycorp Limited (ASX: KYC) has recorded an after tax profit of $3.7 million for the six months to 31 December 2009.

In a statement to the ASX, Keycorp said the result was a "significant increase" on the corresponding period in 2008 which saw net profits of $600,000 posted. Revenues also rose by 34 per cent over the same period.

The company also reported a healthy cash balance of $14.9 million and raised its full year EBIT guidance to $7.3 million from $6.5 million.

Keycorp pointed to cost reduction strategies including the divestment of assets and a strong sales pipeline as contributing to the result.

"This is a very pleasing result which not only validates the transformation project which was recently undertaken but also our continuing capability to improve our business performance through additional cost reductions and working capital management initiatives," CEO Joe Bonin said in the statement.

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