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Drake profit surges as investment pays off; founder steps down

Drake International's Australian business posted a solid turnaround in profit in its latest reporting year, despite an 8% drop in revenue. Meanwhile its long-serving founder and chair has stepped down as a director in Australia.

Drake reports to a September year-end, and posted $155.7 million in revenue (down 8%) and gross profit of $26.9 million, down marginally from the previous year.

However, operating profit jumped 76% to $6.4 million and net profit of $6 million eclipsed last year's net of just $900k, which was impacted by increased expenditure on technology and marketing...