Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions for utilities and airports, advises that it now expects its full year FY19 EBITDA1 result to be within a range of between $25m and $26m.
This is a decrease from previous guidance of a full year FY19 EBITDA1 result within a range of between $27m and $28m and is due to increased bad and doubtful debt provisions in relation to the UK Utilities market, which has seen further deterioration over the last quarter. Uncertainty in the UK Utilities market increased with the regulatory imposition of price capping for retailers in January 2019, a key factor in the failure of 9 retailers and continuing market restructuring.
Gentrack will report its audited annual results for the year ended 30 September 2019 on 28 November 2019.
(All $ amounts referred to above are NZ$)
1 EBITDA: Earnings before net finance expense, tax, depreciation and amortisation and other non-operating expenses. Non-operating expenses are costs relating to acquisition.