UPDATE 3pm: Investors have marked down IT and telecommunications company Amcom after it posted a modest 8 per cent growth in full-year profit to $22.4 million.
Stripping out $763,000 in acquisition costs, the company's profit was up 12 per cent to $23.2 million.
The result was achieved on revenue of $170.4 million, up 8 per cent on the previous year.
Amcom lifted its final dividend from 3.5 cent to four cents, payable on October 7.
Chief executive Clive Stein described it as another pleasing set of results for Amcom.
"A key measure for us is our recurring revenue base, which increased by 16 per cent on the back of strong demand for our annuity services," he said.
"We have continued to innovate and invest in our business as demonstrated with the deployment of Amcom Cloud Collaboration (ACC), leading to our ground breaking partnership with AARNet and our major contract win with the University of Melbourne."
Amcom chairman Tony Grist said the business continued to perform strongly and the quality of the result was evidenced by the increasing level of operating cash flow.
In its outlook statement, Amcom said it was well positioned for continued growth.
"The company expects to continue growing its market share both organically and inorganically," it said.
Amcom said it expected a similar rate of growth in underlying net profit after tax in 2015 to 2014.
Shares in the company closed down 11 cents, or 5.61 per cent, at $1.85.