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Hyro 2010 profit falls 65%

Hyro 2010 profit falls 65%

Digital services company Hyro Limited (ASX:HYO) saw its net profit shrink 65% in 2010 as it established one business and invested in growing more.

The company reported net earnings of $5.5 million for the year, and a net loss from operations before individual items of $4.7 million.

But de-consolidating its Fluoro, One Planet Solutions and Hyro Services units, having placed them into voluntary administration, kept Hyro in black ink by adding $8.8 million to the bottom line.

Revenue fell to $26.7 million, from $39.6 million in 2009. But Hyro said its revenue and profit were both unnaturally high in 2009 due to the sale of its hardware business to Synergy Plus that year.

The company spent $2 million establishing its Managed Content Services unit and $1.8 million on developing its Idaptive identity and access management subsidiary.

Hyro also significantly reduced debt during 2010. And earlier this week, the company announced a $4 million capital raising to pay off the last of its historical debts with the ATO.

In its report to shareholders, the company said its debt reductions allowed it to start 2010 with a positive balance sheet for the first time, and will soon be “in the strongest financial position of its entire history.”

HYO shares grew by a third on Friday to $0.004.

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