Gentrack Group Limited (GTK), a market leader in software solutions for utilities and airports, today released its Full Year audited results to 30 September 2016.
• Revenue $52.7m – up 25% on prior year (All figures are NZ$)
• EBITDA $16.7m – up 16%
• NPAT $9.6m – up 3%
• Final Dividend of 7.7cps declared
Ian Black, CEO said “I am pleased to report that Gentrack performed strongly in FY16. Revenue was up 25% on last year to NZ$52.7m and EBITDA was up 16% to $16.7m. This 32% operating margin reflects the strength of our product and market position, despite a headwind from the strong New Zealand dollar, which also resulted in a $1.4m foreign exchange loss on the translation of offshore assets. NPATA, our preferred measure of bottom line profit before amortisation of intangibles, was $11.1m, up 2% on FY15.
The full year dividend of 11.9c represents a total payout of $8.7m. This is 78% of NPATA, reflecting the strong ongoing cash generation of the business which finished the year with $18.8m net cash.
Gentrack’s objective is to be the leader in our target markets in Australia, New Zealand and the UK for mission critical enterprise application software for electricity, gas and water utilities, and for airports worldwide. In FY16 our focus was on delivering some of our largest projects to date, with ten systems going live, four new customers won and five existing customers starting upgrades. Both the utilities and airports divisions grew strongly with revenues up 26% and 24% respectively. UK revenue also grew strongly, up 75% on FY15.
During FY16 we also made solid progress to position the business for ongoing growth building on our 7 year track record of c.12% cumulative average revenue and EBITDA growth. We have streamlined our project implementation organisation and refocussed product development, with a new CTO, Jan Behrens, joining in July. During the year we invested substantially in new staff, training and systems, with headcount increasing 28% over last year to 277.
We enter FY2017 with a solid order book and pipeline of opportunities and we expect to continue to deliver long term revenue and EBITDA growth of 10%+ p.a., albeit that our results may be impacted by the timing of projects.”