ANZ and CBA contracts put some gloss on a dull result for SAI Global

Two of the highlights for the information services and compliance group, SAI Global, during 2011/12 were winning mortgage servicing contracts with both the ANZ and Commonwealth Bank.

The new business came on stream in May. The company said the annual revenue increase from the two contracts would be around A$20 million.

Growth in banking workflow helped the property business in the company's information services division achieve revenue growth of 6.6 per cent in the year to June, and EBITDA growth of eight per cent.

It was one of the few bits of good news for the company, which reported its financial results yesterday. Net profit was down 5.4 per cent to $42.4 million for the year to June.

Underlying net profit was down seven per cent to $44.7 million. Revenue was up 5.8 per cent, but costs grew faster.

The company said it was disappointed in the performance of its compliance division.