Gentrack annual earnings rise 16%, beating guidance
Gentrack had anticipated revenue to gain 20% on an annual basis when it posted its interim result in May.
Gentrack Group, the utilities software developer, said annual earnings rose 16%, beating guidance and shrugging off the impact of a strong kiwi dollar dragging on its export receipts.
The Auckland-based company said earnings before interest, tax, depreciation and amortisation were about $16.7 million in the 12 months ended September 30, ahead of the $15 million ebitda forecast provided at its half-year update, and up from $14.5 million in the 2015 financial year. Revenue rose about 25% to $52.7 million and net profit was up 3% to $9.6 million.
"I am pleased to report that Gentrack's strong performance in the first half of this financial year has continued through to the second half, resulting in an improved outlook for revenues and operating performance this year," chief executive Ian Black said in a statement. "Operating results have been impacted negatively by the strength of the New Zealand dollar against other currencies."
Gentrack had anticipated revenue to gain 20% on an annual basis when it posted its interim result in May, with new customers in the UK driving up sales for the software developer.
The company will release its final results on November 24 once the statements are finalised and audited.
Last year Gentrack replaced its chief executive James Docking with Mr Black, a former Oracle and SAP executive, who took the role in January.
On Friday the shares rose 2.6% to $3.50, having gained 36% so far this year. The stock was punished after releasing a major profit warning six weeks after listing but has recovered since September last year and is now trading above its 2014 initial public offering price of $2.40.
(BusinessDesk)
Paul McBeth
Mon, 07 Nov 2016
Mon, 07 Nov 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Gentrack annual earnings rise 16%, beating guidance
62907