Computronics Announces Significant Jump in Profits for 03/04

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In line with projections, Computronics (ASX code CPS) has made a net profit after tax of $1,240,000 for the last financial year, up 311% from the previous year net result of $398,000. This equates to an earnings per share of $0.0375 for 2003/4 as opposed to $0.0129 for the full year 2002/3.

The jump in earnings comes as a result of strong sales growth in Farmscan agri-technology products up 40% driving overall sales up from $11.8 million in 2002/3 to more than $17 million in 2003/4.

The Electronic Display Systems Division continues a slow recovery to pre- September 11 sales with only 5% growth due to continued uncertainty in the travel industry and little growth in the gaming sector. The division reports significant prospects in the UK and a suite of new products that will help set the scene for a better performance in 2004/5.

The Components Division continues to deliver steady growth as a result of successfully launching an Internet marketing site that is driving increased sales and profitability. The star performer in the group is the Agricultural Division with Farmscan electronics in high demand throughout Australia and rapidly gaining attention overseas as grain growers and vineyard managers look to employ the latest technology in controlling operations to reduce risk and maintain profitability.

Farmscan products are supplied as standard equipment to major machinery manufacturers and are distributed through aftermarket channels in Australia and overseas. Computronics has established a global reputation for innovation in farming technology offering integrated systems that control and monitor seed, fertiliser and spray application whilst automatically steering the tractor using GPS to avoid costly overlap and missed strips.

The company has laid significant groundwork for adoption of Farmscan products in Europe and North American markets which are likely to start producing significant revenues in the coming year. The Directors are confident the company will continue to grow sales and deliver increased returns to shareholders.

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James Feehan
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