04:31 PM EDT, 08/09/2022 (MT Newswires) -- Converge Technology Solutions (CTS.TO) on Tuesday said its second-quarter profit rose tenfold on higher revenue from customer demand and acqusitions.
The information technology and advisory company said it earned C$11.68 million, or C$0.05 per share, in the period, up from C$1.03 million, or C$0.01,in the year-prior quarter. Adjusted profit, which excludes most one-time items, rose 111% to C$29.9 million, or C$0.14 per share, beating the average analyst estimate for the measure of C$0.10 per share, according to Capital IQ.
Net revenue rose to C$596.66 million from C$345.31 million.
"Despite the macroeconomic challenges faced in the consumer market, business demand for digital transformation and hybrid IT solutions remains robust while the deep technical skills that Converge possesses surrounding analytics, cybersecurity, cloud and managed services remain scarce, especially in the mid-market. I'm proud of the fact that the company has executed on our stated acquisition plans, closing 8 acquisitions to date," chief executive Shaun Maine said in a release.