Brisbane tech giant Data#3 earnings jump as it talks up generative AI
Brisbane technology company Data#3 has reported a 22 per cent increase in profits of $37 million for the financial year.
Data#3 managing director Laurence Baynham (Photo: Data#3)
The company has also boosted its dividend by 22 per cent to 21.9 cents a share fully franked.
Managing director Laurence Baynham said it was another strong year for the company despite the challenging environment.
He said revenue growth was three times greater than the wider IT sector and it continued to capture market share.
“We made excellent progress in delivering against our key strategic priorities including growing services, growing vendor incentives and growing security solutions,” he said.
Artificial intelligence was a substantial opportunity for the company.
“As we enter this new era of generative AI we are already seeing rapid product development incorporating cloud, hybrid work, security, connectivity and data analytics,” he said.
The company believed the profit result was underpinned by its supplier relationships.
