Digital Post Australia goes backwards

Digital Post Australia's value has fallen 9.9% in the past six months, according to Computershare's annual financial results.

The digital postbox venture, in which Computershare holds an 80% stake, was valued at US$4.2 million ($4.6 million) in the company's half-yearly results. It is now valued at US$3.8 million.

Computershare reported an 11.8% year-on-year rise in revenue to US$2 billion for the 12 months to 30 June 2013, partly due to acquisitions.

Net profit fell 9.2% to US$157 million and profit margins fell from 9.6% to 7.8%, while the company's average debt collection worsened from 43 days to 45 days.

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Computershare, which specialises in share registry services, attributed the profit fall to the "one-off effects of strategic business initiatives" and the "increase in intangible asset amortisation".

However, the 12,000-staff multinational had a 4.2% improvement in its net debt position to US$1.3 billion.

Australia and New Zealand revenue climbed 4.7%, with the region contributing 19.1% of global revenue.

The company's Communication Services division, which includes transactional mail, enjoyed 8.8% revenue growth. The division made a major inkjet installation in Brisbane in late 2012.

Chief executive Stuart Crosby said the global economic climate had been challenging for the third consecutive year.

"The first two limbs of our strategy – cost and revenue – remain key. Revenue is a defensive game in current conditions," he said.

Chief financial officer Mark Davis added: "We continue to experience generally difficult trading conditions across many business lines. However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cashflow."

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