UPDATE 1.25pm: Shares in fibre optic network company Amcom were firmer after the company forecast underlying earnings growth of about 20 per cent in full-year 2012/13.
Chairman Tony Grist told shareholders at Amcom's annual general meeting this morning that the company had traded ahead of budget in the first quarter.
"The highlight is sales in the data network business are 20 per cent higher in the quarter than in the previous corresponding quarter," he said.
He said the board was confident of achieving full-year underlying earnings growth of a similar proportion to 2012.
Last financial year, Amcom posted underlying net profit excluding one-off items of $16.8 million, up 22 per cent on the previous year.
It was the 10th consecutive year of 20 per cent plus growth in underlying net profit.
Mr Grist said the result demonstrated the strength of Amcom's business model and the depth of talent within the organisation.
"We are very well positioned as a fully integrated telco and IT services company with a national footprint," he said.
"With low gearing levels and strongly growing cash flow generation the company has ample capacity to fund new growth initiatives while maintaining ongoing attractive returns to shareholders."Amcom shares closed up 5.5 cents, or 4.22 per cent, at $1.36.
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