Objective (ASX:OCL) profit slumps 51% in FY10

IT services provider Objective Corporation (ASX:OCL) has reported a 51% decline in FY10 post-tax profit to $2.1 million, due to softer than expected global sales.

“FY10 has been challenging for enterprise software vendor globally. Government reorganisations, expenditure review committees, UK elections and a cautious predisposition to delay projects has impacted on operations,” Objective CEO Tony Walls said.

But even as sales fell, revenue grew 3% to $41.5 million.

The relative strength of the Australian dollar also led to lower than expected bottom-line contribution from UK and New Zealand sales.

Shares in OCL have fallen 10.7% to $0.250 today since the announcement was made.