Cellnet upgrades profit forecast

Cellnet upgrades profit forecast

Trans-Tasman distributor Cellnet is targeting up to $1.88 million net profit for the year to June 30. The distributor raised its first half-year profit expectations from $1.06 million to $1.25 million, as well as its full-year net profit forecast to $1.76m-$1.88m. The announcement comes nearly two months after Cellnet forecast first-half profits would reach $880,000 in the six months to December 31, 2009. In a statement, Cellnet managing director Stuart Smith said the turnaround reflected its strong focus on core business lines, along with a more leaner, efficient organisation. Improvements in sales volumes during December, which were higher than any other previous month, were cited as the reason for the raised forecast. It is also in defiance of relatively modest gains in the retail segment over the Christmas season, he said. Cellnet exited IT distribution on both sides of the Tasman last year, selling this part of its business to Datastor in New Zealand. Smith pointed to Cellnet's debt free status.

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