Datacom Group reports a $32 million drop in profits, or an 81% decline, from $42 million in 2022 to $8 million in the fiscal year ending March 31, 2023, as it ventures into the world of artificial intelligence bottom.
Intelligence (AI).
The IT services company had revenue of $1.49 billion, up from $1.45 billion in March 2022.
Full-year operating cash flow was $116 million and the company invested $80 million in strategic product businesses throughout the fiscal year.
Datacom CEO Greg Davidson said in a statement that despite the decline in pre-tax net income, the company’s continued investment in Datacom’s software as a service (SaaS) and infrastructure products. He said the group’s decision to focus on the long term was very strategic.
The investment will also extend to Datacom’s 6,650 employees based in Australia, New Zealand and Asia, with training and development continuing to be a key priority for the Group. Headquartered in Auckland, the company said it had 6,801 employees at the end of fiscal year 2022.
Datacom was ranked #3 on the Technology Investment Network’s (TIN) list of export ranking companies. The company reported that his SaaS product portfolio, which includes services such as Datapay, Smartly and Datascape, grew slightly over 40% year-over-year.
Davidson said Datacom has also seen strong customer demand for support in managing and optimizing cloud computing environments.
artificial intelligence
Over the next year, Davidson said, Datacom will increasingly focus on how it uses AI to support its own and customer goals. This included establishing an AI task force and working with the Australian Technology Council and others to actively leverage AI.
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“We know that AI can create opportunities for our business, our customers, and the broader community. We also know that a deliberate and carefully managed approach is needed,” Davidson said.
Datacom has announced that it has made significant progress towards achieving its goal of net zero carbon by 2030. For fiscal year 2023, it announced that it has four data centers in New Zealand certified through the Toitu Envirocare programme, all powered by 100 percent renewable energy. .
The company has also achieved Toitu Envirocare’s “Carbon Reduce” certification for the third consecutive year.
