Thu 25 May 2017

Gentrack results ahead for 6 months to 31 March 2017

Gentrack Group Limited (NZX/ASX: GTK), a market leader in software solutions for utilities and airports, today released its interim financial results to 31 March 2017.

Highlights

· Revenue $28.9m – up 24% on H1 FY16

· EBITDA1 $8.8m – up 31% on H1 FY16

· NPAT $5.6m – up 46% on H1 FY16

· Interim Dividend of 4.2cps declared

The business completed a busy first half with key utilities and airport projects continuing in Australia and Europe. Project services revenue was up 37% and recurring fees up 9%. Growth in the UK has continued with revenue up 27% while Australian revenue climbed 28% above the same period last year.

Headcount was up 24% on the same period last year, reaching 286, and represents the ongoing investment in resources to support projects and R&D plans for its software solutions.

The Utilities business secured several new software projects in Australia, New Zealand and the UK including Pulse Utilities, Vector and Ovo Energy, and went live with Velocity at Good Energy, contributing to the strong first half performance. Utilities revenues achieved a 31% increase for the half while EBITDA1 was up 50%.

While first half revenues from Gentrack’s Airport division were down 11% due to the timing of new projects which started late in H1 FY17, the business continued its success in Europe and North America with Greenland Airports Authority and Jersey Airport becoming the latest customers to sign for the Airport 20/20 solution. Its first South American customer, Santiago Airport in Chile, also went live.

Gentrack is pleased to declare a H1 FY17 dividend of 4.2cps, repeating its interim dividend for the same period last year.

Based on the current sales pipeline, continuing projects and part year contribution from recent acquisitions, the company expects to achieve approximately 20% EBITDA1 growth (excluding one off acquisition costs).

All figures are presented in NZ$.

Gentrack’s Interim Report and Investor Presentation is available in the Investor Centre.