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Why the Data#3 share price is storming higher today

The Data#3 Limited (ASX: DTL) share price is up 11% to $2.37 in Thursday trade following this morning’s announcement that the company expects to report a record full-year result for FY19. 

The information technology services and solutions provider has estimated consolidated FY19 net profit before tax to be approximately $26 million. This would be a 27% increase on the $20.4 million reported in FY18, and 16% higher than FY17 when the company reported net profit before tax of $22.4 million.

Data#3 also estimates consolidated FY19 net profit after tax excluding non-controlling interests to be around $18 million. This would be an increase of 28% over FY18, and 17% over the previous record result in FY17. 

The profit numbers advised by Data#3 are still subject to the finalisation of the Discovery Technology Pty Ltd result (77.4% owned by Data#3) and the year-end audit. The audited full-year result and the announcement of the final dividend are scheduled to be released on 21 August. 

The Data#3 share price hit a 52-week high of $2.55 today following the announcement before retreating. Other tech companies printing 52-week highs today include Mach7 Technologies Ltd (ASX: M7T) and Pro Medicus Ltd (ASX: PME)

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Tim Katavic has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Data#3 Ltd. and Pro Medicus Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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