The PRWIRE Press Releases https:// 2010-04-09T05:03:12Z Hyro swings a $15.4m profit in 2009 2010-04-09T05:03:12Z hyro-swings-a-15-4m-profit-in-2009 Hyro Limited (“Hyro”, ASX: HYO), Australia’s leading digital customer experience company, has released its annual results for the period ended 31 December 2009. The results reveal a marked financial improvement on prior years, and indicate that the company is now positioned with a very solid growth platform for the coming year. The extent of improvement in Hyro’s 2009 results is best demonstrated by the following salient points: (i)Significant increase in net profit (to $15.4 million from a $45.1 million loss in 2008);(ii)Considerable reduction in net loss before individually significant items (to $827,000 from $12.8 million in 2008); (iii)Improvement in the Balance Sheet net asset position (from ($22.4 million) in 2008 to ($5.3 million));(iv)Significant reduction in commercial debt (from $21.7 million in 2008 to $1.4 million); and(v)Sustained its position in the market without capital raisingHyro’s CEO Bill Votsaris said “Our senior leadership team is justifiably proud of Hyro’s performance last year. In the midst of a GFC that sunk a number of larger companies, we managed to considerably improve our overall operating position and win significant new opportunities and clients including The Buzz Insurance, Department of Education & Early Childhood Development Victoria, Department of Innovation, Industry & Regional Development and Aboriginal Affairs Victoria.” Votsaris credits the results on a renewed strategic focus and financial discipline. “Throughout the second half of 2008 and 2009 Hyro, we undertook a significant restructure of the business. Every part of the business was reviewed in accordance to its contribution to both the bottom line and Hyro’s overall strategic direction.” said Votsaris. The significant components of the restructure were as follows: • Closure of the Hyro China and Hong Kong operations; •Integration of the Hyro Thailand operations within Hyro’s Australian operations, and the expansion of the resulting hybrid offshore capability to include both application development and creative services;•Sale of the IBM hardware reseller business acquired from Synergy Plus to ComputerCORP. The application development and software specialisation service delivery units acquired from Synergy Plus were integrated into Hyro’s Australian operations soon after the original acquisition in 2007. As part of the company’s plans for 2010, Hyro has launched a number of initiatives designed to increase revenue contributions from long-term service contracts and from Hyro-owned intellectual property. Beyond these initiatives, the go-to-market strategy for 2010 will broadly focus on four keys areas: •Partnering with a major media group for media placement and buying;•Enhancing Hyro’s managed services offering to include specialist services for the digital market;•Expanding the client base using Hyro’s idaptive identity and access management suite; and •Expanding hybrid offshore creative and development service clients in Australia. “While the legacy issues are now behind us, the effort to resolve these has been significant in both financial terms and Executive Management time and focus. Moving forward, the company performance will more closely reflect Hyro’s day to day operations and the opportunities created by the market’s growing appetite for digital customer engagement.” said Votsaris. “Recent announcements from the US and locally support the overall strategic direction Hyro has undertaken.” Votsaris went on to say. “For the first time ever in the US new figures released by Outsell put online and digital advertising and marketing ahead the traditional print mediums. The US study shows companies will spend US$119.6 Billion on online and US$111.5 billion on print mediums. Meanwhile in Australia, research from Nielsen’s 2010 Internet and Technology Report found that on average for the first time, people spend more time accessing the internet than watching television. Hyro is well positioned to take advantage of these changes in our market.“ said Votsaris.