Infinity shows turnaround in fortune
- 01 April, 2004 22:00
OVER a year of restructuring has returned to the black New Zealand-owned integrator Infinity Group, which has posted a $2.7 million surplus for 2003 after two years of losses.
The result to December 31 follows a June half-yearly after tax profit of $124,000.
Infinity’s two previous full year results were deficits of $3.1 million and $5.2 million in 2002 and 2001 respectively.
The company, formed at the end of 1999 from a merger of Madison Systems, Trilogy Business Systems and Comtex, returned to profitability on revenues of $66.7 million — 17% less than last year and 25% lower than 2001.
Infinity’s restructure included the shedding of over 60 staff in the last 12 months, and selling its subsidiary Vista Entertainment Solutions and software business Quanta.
“We’re now seeing the benefits of the business model transformation we began in 2002,” Infinity CEO Stuart Robb says in a company statement. “Regionally based teams have replaced a centralised national structure. A smaller, better-aligned management structure has improved accountability, cost control and profit outcomes. We have also improved our sales capability, creating more opportunity to identify, demonstrate and deliver solutions that work for our customers.”
“Long-standing” ones include EDS and Westpac, while 2003 project wins include the Fullers Group.
Infinity employs around 350 staff — compared to 500-odd at its peak — in various locations around New Zealand and Australias.
Market research firm IDC ranks Infinity as the third largest New Zealand owned IT firm on services revenue behind Datacom and Gen-i and “knocking on the top 10 door”, analyst Graeme Muller says.