Data#3 shares are soaring today after the cloud computing company announced that they are posed to ‘deliver strong FY22 performance’.
Shares in the information technology company ended the day up almost 10% to $5.32 a share. Data#3 advised consolidated net profit before tax is forecast to come in at approximately $44 million for the financial year ending 30 June 2022. This represents an increase of more than 19% on the prior year’s $36.9 million.
The company also projected a back order pre-tax profit of at least $6 million for the first half of financial 2023 on account of huge backorders. That figure is up from around $3 million in equivalent backorders at the end of 2021.
The management team noted that extensive product delays due to ongoing supply chain constraints impacted the FY22 result. The company stated:
“This has coincided with the spike in demand traditionally experienced during the fourth quarter, resulting in an inflated product backorder at year-end.”
Despite the positive news, the global computer chip shortage is anticipated to continue into the new financial year. Data#3 said it will release its audited full-year results for the 2022 financial year on 18 August.
In addition, the board will opt to maintain its dividend payout ratio handed to shareholders, as is has done in previous years.
Data#3 has not been resilient to the overall tech sell off and hit a 52-week low in June of $4.30. However, this announcement has given the company a much-needed boost which will hopefully continue into the future.