In a brief trading statement released today, Australian ICT staffing company HiTech Personnel (HIT: ASX) reported revenue of AUD 8 million (USD 7.5 million), equating to growth of +9.1% for the full year ending 30 June 2014.

The company reported gross profit of AUD 1.2 million (USD 1.1 million), a decrease of -23.9% compared with AUD 1.6 million (USD 1.5 million) last year. Net loss after taxation (NLAT) was AUD 144,125 (USD 134,323), primarily attributed to the -45.3% decline in permanent placement revenue. Contracting revenue, however, increased by +13.4%, year-on-year.

Ray Hazouri, Chairman of HiTech, commented: “We are pleased that we have improved revenue despite the challenging conditions. Operationally we remain profitable and our declared loss was partly due to certain investments in the stock market that have since significantly improved to profit as of today, since 30 June 2014.”

“HiTech remains a resilient and strong company with a strong balance sheet and no debt. We are committed to improving our revenues and profitability. We are optimistic of continued success and a better result in the future,” he added.