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Business Description: CSG Limited (CSV) is a full-service print and business technology solutions provider in Australia and New Zealand. SCG also operates an equipment financing division across both countries to facilitate the sale of its product suite. CSG services customers ranging from small-to-medium enterprises, through to large corporate, government and commercial clients.
Strategy Analysis: Historically CSV¬īs strategy has been to seek organic growth through aggressively targeting multi-year, annuity contracts and also reaching into new geographies. For acquisitive growth, it made a number of acquisitions in the Print business. But poor management the Canon acquisition resulted in significant underperformance relative to expectations. Following a change of management, current strategy is focused on stabilising the business and improving the performance of Canon. In Print Services the focus is on operational efficiency in Australia and growth through new initiatives in New Zealand. A restructure of the Print Services business is expected to deliver $17m in annual cost savings. The Technology Solutions business has been sold and proceeds will be used to fund debt reduction and a capital return to shareholders.
CSG reported NPAT down 41% to $5.21m for the half-year ended 31 December 2012. Revenues from ordinary activities were $91.17m, down 54% from the same period last year. Basic and Diluted EPS was 1.9 cents compared to 3.1 cents last year. The net operating cash outflow was $5.29m compared to $7.76m last year. No interim dividend was declared, compared with 2.5 cents last year.
By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 |
Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.
By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 |
Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.
By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 |
In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.
By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 |
Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.
By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 |
Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.
BR Securities Australia Pty Ltd 2/12/2014 |
December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.
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