HITECH GROUP AUSTRALIA LIMITED — Earnings Release 2011

Aug 23, 2011

==> picture [220 x 111] intentionally omitted <==

ASX RELEASE 24 August 2011

RESULTS FY2011

HiTech improves profitability by 374% and revenue by 56%

The directors have released HiTech’s FY2011 results to the market today. The results are as follows:

For the financial year ended 30 June, 2011, the consolidated entity’s operating revenue is $8,783,598, an increase of 56% over the previous corresponding period (pcp). The high margin permanent placement income was 29% higher and contracting revenue was 63% higher.

EBIT for the year is $913,207(FY10:$195,515) and Net profit after taxation (NPAT) is $648,404 (FY10: $136,775) an increase of 374% over the previous corresponding period. Increased profitability was due to an increase in permanent and contracting recruitment income. Increased top line revenue, new business and containment of operating costs were the main contributors to increased profitability for the Group.

HiTech retains a strong balance sheet with no debt. HiTech continues to win new business and is increasing its client base steadily.

HiTech has a proven business model that has evolved over the past 18 years. Our major revenue is still generated from our core ICT recruitment business and we are active in non-ICT areas of recruitment. We have been active in securing clients all around Australia.

“We are pleased with this excellent result and expect a great year ahead in terms of productivity and profitability. HiTech remains a resilient and strong company with positive cash flow and no debt. We are committed to improving our revenues and profitability. I thank our valued clients, candidates, contractors and dedicated staff. We are optimistic of continued success in the future.” Chairman Ray Hazouri said.

Outlook for FY2012

The outlook for FY2012 will depend primarily on the prevailing economic conditions at the time but appears good depending on continuation of the current market conditions.

For further information, please contact Chairman and CEO Ray Hazouri on 02 9241 1919.

==> picture [415 x 55] intentionally omitted <==