Friday, 31 August 2012 ? Melbourne ? Azure Healthcare(ASX:AZV) is pleased to announce the release of the 2011/12 preliminary Annual Report, highlighting substantial financial improvements over the past year.
In January 2012, Azure Healthcare successfully completed a $2.08m Rights Issue, with in excess of 65% of the shareholders taking up the rights issue. The remaining 35% shortfall was snapped up by a series of high profile investors including; the current Chairman and CEO of Azure Healthcare Mr. Robert Grey and former Ernst & Young Entrepreneur of the Year (WA), Mr. Nathan Buzza.
The new Board and management team at Azure Healthcare Limited have returned the Azure Group of companies to a profitable position both in Australia and internationally. This rapid turnaround is due to new management?s focus on the customer, cost control and growing the Austco healthcare business by developing more efficient systems and solutions.
Revenue from ordinary activities increased by 8.26% in the 2011/2012 financial year from $16.833m to $18.224 million, reflecting increased demand for our new generation Tacera products. Net earnings before interest, tax, depreciation and amortisation, (EBITDA)were $0.940 million.
Initiatives that are currently being implemented to improve the business are:
? Continued emphasis on outsourcing to maximise the benefit of the high Australian dollar within low cost centres within South East Asia over 2012/13.
? Continued focus on improving and streamlining operational efficiencies.
? Doubling of Research & Development investment efforts specifically in software integrations to allow us to capture more of the high margin clinical middleware business.
? Increasing the sales of its IP Based Nursecall System Tacera over the lower margin second generation MediCom products.
No company operates successfully without the support and goodwill of both its staff and our clients, we would like to thank all our staff whose dedication to our clients has provided our year on year growth and to our valued clients in the trust they have placed in Austco and Azure to provide the advanced communication solutions that they need to operate their businesses efficiently.
For more information, please visit www.austco.com
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