QMASTOR 1H profit climbs 436%

Industrial software company QMASTOR (ASX:QML) has reported a 436 per cent increase in 1H profit to $444.3k, and revealed it also expects a solid second half

Industrial software and services provider QMASTOR (ASX:QML) said its 1H profit soared 436 per cent on the back of some significant new contract wins.

The company announced a profit of $444,300, from 59 per cent higher revenue of $5.6 million. Ebitda grew 1104 per cent to $1.1 million.

QML shares on the ASX soared 10.5 per cent during Wednesday's trading to $0.210 as a result of the news.

QMASTOR managing director, Trent Bagnall, said the company's performance was “solid” during the half.

“The result reflects a recovery from previous GFC-affected revenues, and the international growth strategy adopted by the board in 2010,” he said.

Major wins during the quarter including the signing of a large deal (ASX:QML) with South African coal producer Exxaro Resources, and a $5 million contract with Australia's Hunter Valley Coal Chain Co-ordinator.

The company is now expecting full-year revenue of $13 million to $14 million, with ebitda in the range of $3 million.

QMASTOR aims to generate 50 per cent of company revenues from international sales by the end of FY12, and said it is making good progress towards achieving this goal.

It is targeting $20 million worth of organic growth in the 2012 financial year.

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