QMASTOR lifts FY11 profit to $1.8m

After a record showing for revenue in FY11, industrial software firm QMASTOR (ASX:QML) is forecasting further strong growth in FY12

Industrial software and services company QMASTOR (ASX:QML) boosted its FY11 profit by 352 per cent, on the strength of record-breaking revenue.

The company reported a profit for the year of $1.8 million, from 75 per cent higher revenue of $12.8 million.

QMASTOR earned 37 per cent of its revenue from international sources during the year, up from 18 per cent a year earlier. Managing director Trent Bagnall said the international gains “signal QMASTOR's growth prospects in years to come.”

He said QMASTOR's South American office, which opened in 2010, is expected to start contributing revenues from 1H12.

The company recently made its first sale in the region — to a Brazilian mining project — and views it as an important market for future growth.

QMASTOR is forecasting $20 million in revenue in FY12.

The company is currently the target of a takeover bid by Triple Point Australia. Directors last week conditionally agreed to recommend a revised $0.31 per share offer to shareholders.

QML shares dipped 1.75 per cent on Friday to $0.280.

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