Thu 26 Nov 2015

FY15 Annual Results – Gentrack delivers 11% Profit Growth

AUCKLAND, New Zealand, 26 November 2015 – Gentrack Group Limited (GTK), a market leader in software solutions for utilities and airports, announces results for the year to 30 September 2015.
All figures are NZ$.

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Revenue in the year to 30 September 2015 grew 9.2% over 2014, with EBITDA up 10.9%.

FY15 Revenue was $42.1 million with EBITDA of $14.5 million, NPATA of $10.8m and NPAT of $9.4m. This compares with the 2014 Prospectus forecast of $44.7m Revenue, $15.5m EBITDA, $10.8m NPATA and NPAT of $9.3m.

In line with the Prospectus, a final dividend of 7.2 cents per share will be paid on 18 December 2015. This will be fully imputed for New Zealand investors and 25% franked for Australian investors. This brings the full year dividend to 11.3 cents, a total pay-out of $8.2m (76% of NPATA), reflecting the strong ongoing cash generation of the business.

Gentrack Chairman John Clifford, said “Gentrack made solid progress this year winning 5 new customers, upgrading 6 existing customers and taking 8 systems into live operation. Of particular note was our continued strong and profitable UK growth, where we won our second water utility project. We also delivered our first Australian Lines/Network implementation, and Airport Management systems at Sydney and Auckland Airports, cementing our leadership in this regional market. Whilst we were disappointed not to hit the Prospectus revenue forecast, we did deliver the Net Profit, Dividend and closing cash position as forecast.”
“We enter FY16 with a strong order book and numerous exciting prospects and expect to continue to deliver our long term revenue growth of circa 10% pa. We will be investing significantly in staff and systems to enable us to meet longer term market demand which will impact our EBITDA margin in FY16. Further guidance will be provided at our Annual Meeting on 25th February 2016.

Following the announcement that James Docking will be standing down as CEO in 2016, we are pleased to announce the appointment of Ian Black as CEO commencing in January 2016. Ian has had an international career in Oracle and SAP, culminating as CEO of SAP in New Zealand, and COO of SAP in Australia and New Zealand. For the last 3 years he has been involved in a number of innovative start-up software and SaaS businesses. He is therefore well qualified to lead Gentrack and continue our track record of growth and innovation in the utilities and airport markets. James Docking will remain on the Board as a Non-Executive Director.”

See Gentrack’s Investor Centre for the full media release, financial reports and results presentation.