Dual lister forecasts big profit jump

By DANIEL RIORDAN

Soon-to-list CommSoft Group is forecasting a net profit of $A3.98 million ($5.12 million) for the June 2001 year on operating revenue of $A20.85 million.

The communications software developer is switching to June-year reporting and does not provide directly comparable figures in its prospectus, released yesterday.

But net profit for the year to last March was $A889,000 on operating revenue of $A5.33 million and for the three months to June was $A173,000 on revenue of $A2.89 million.

Chief operating officer Rodney Martin said the forecasts reflected anticipated growth in the company's existing markets and did not include any contribution from expansion into new markets in Europe and the US.

CommSoft plans to list on the Australian and New Zealand exchanges on September 13, although it may launch earlier to distance itself from the September 15 opening of the Olympics.

The $A17 million offer closes on September 1.

CommSoft shares are being issued at A110c each, and investors must apply for at least 1900.

Mr Martin said the company would not pay a dividend, ploughing all profits back into the business.

Its main listing will be in Australia, where its head office is located. The firm's 23 software developers are Auckland-based.

Twenty-five per cent of the company is being floated, with the 15.5 million shares available comprising 11.8 million new shares and 3.6 million being sold into the float by five existing shareholders - including NZ-listed technology investor Strathmore Group, which is selling 1.8 million shares.