Thu 27 Nov 2014

Gentrack announces FY14 results and reaffirms FY15 guidance

AUCKLAND, New Zealand – 27 November 2014; Gentrack Group Limited (GTK), a market leader in software solutions for utilities and airports, today released its full year results to 30 September 2014.

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Total operating revenue for the full year ended 30 September 2014 was NZ$38.5 million (Prospectus: $40.6 million) with underlying EBITDA of $13.0 million (Prospectus: $14.1 million) and NPAT of $3.4 million (Prospectus: $3.7 million).  A Final Dividend of 3.6 cents per share in line with the Prospectus will be paid on 19 December 2014.  The dividend will be fully imputed for New Zealand investors and 40% Franked for Australian investors.

This result is an improvement on the guidance provided to the market on 1 August 2014 but is below the 26 May 2014 Prospectus forecast.

Gentrack Chief Executive, James Docking, said “Operationally 2014 was a good year for Gentrack.  We had a successful Go-Live with a complex enterprise implementation of our first network billing product in Australia which has established our credentials in that market.  Our first water billing project in the UK has gone well and will Go Live in early 2015.  Airport 20/20 set a sales record and is now used by most of the large Airports in Australasia.  Our profitable UK business grew by 40%, and we finished the year with a $5.2m cash balance.   Unfortunately, a couple of unforeseen project issues impacted the 2014 results, but we remain well positioned for further growth in Australia and the UK.”

During 2014 Gentrack continued to invest substantially in the development of its Utility and Airport products.  Gentrack Velocity now provides utility companies with a Cloud ready CRM and billing product that is well proven with existing installations.  New features, such as the ability to bundle electricity, gas and broadband into a single consumer offer, and a self-service web portal for consumer access, deliver the latest utility requirements.  Both the Utility and Airport products launched new management dashboards in 2014 which aid in improving the operational efficiency and performance of Gentrack customers.  During 2014 Gentrack progressed twelve new installation and upgrade projects.

Gentrack Chairman John Clifford said “In line with the May 2014 Prospectus we expect to deliver solid growth in the year to 30 September 2015 with a 16% increase in revenue to $44.7m, an EBITDA of $15.5m and NPAT of $9.3m.   Achieving this requires us to win several new projects in the first half of the year from a healthy pipeline of opportunities we are currently working on with both new and existing customers.  We expect to be in a position to update the market on progress on this with our half year results to 31 March 2015.”

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