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Gentrack annual earnings beats guidance

NZ NewswireNZ Newswire 4/11/2016 Paul McBeth

Gentrack Group, the utilities software developer, said annual earnings rose 16 per cent, beating guidance and shrugging off the impact of a strong kiwi dollar dragging on its export receipts.

The Auckland-based company said earnings before interest, tax, depreciation and amortisation were about $16.7 million in the 12 months ended Sept. 30, ahead of the $15m ebitda forecast provided at its half-year update, and up from $14.5m in the 2015 financial year. Revenue rose about 25 per cent to $52.7m and net profit was up 3 per cent to $9.6m.

"I am pleased to report that Gentrack's strong performance in the first half of this financial year has continued through to the second half, resulting in an improved outlook for revenues and operating performance this year," chief executive Ian Black said in a statement.

Gentrack had anticipated revenue to gain 20 per cent on an annual basis when it posted its interim result in May, with new customers in the UK driving up sales for the software developer.

The company will release its final results on Nov. 24 once the statements are finalised and audited.

Last year Gentrack replaced its chief executive James Docking with Black, a former Oracle and SAP executive, who took the role in January.

The shares rose 2.6 per cent to $3.50, having gained 36 per cent so far this year.

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