Thursday, 10 November 2005 11:00

Melbourne IT shares jump on strong forecast


Web hoster and domain registrar, Melbourne IT Group (ASX:MLB) has released a bullish forecast update for the full year to 31 December 2005 sending the company's shares upwards.

Melbourne IT has forecast sales of more than $70 million with EBIT expected to be in the range of $5.6 to $6 million for the same period. The figures for 2004 were $60 million and $4.5 million, respectively.

'Even at the lower end of this EBIT range, Melbourne IT would achieve greater than 20% growth over 2004,' said Theo Hnarakis, CEO of Melbourne IT. 'This will be our sixth half of profit growth in a row,' he said.

Hnarakis said that Melbourne IT was taking advantage of every opportunity to promote and market its full range of services.
'We are continuing to invest aggressively in sales & marketing in order to capture more of the SME market as well as grow our international network of corporate customers. As a way of maintaining future momentum, Melbourne IT has invested in business development resources and product innovation throughout 2005.'

Hnarakis noted that a recently launched service for search engine marketing had been well received by customers. 'We are achieving a remarkable success rate in helping our SME customers improve their search engine ratings and being found online by using the Melbourne IT Search Engine Marketing service. This is only one example of the ways in which we are taking advantage of every opportunity to grow our business,' Hnarakis said.

MLB shares closed up 9c to finish on $1.235 on solid trading with turnover of $194,049.

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