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Vista first-half profit more than doubles

NZ NewswireNZ Newswire 25/08/2016 Paul McBeth

Cinema software firm Vista Group International has more than doubled first-half profit as the cinema software developer's series of recent acquisitions bolstered revenue.

Net profit rose to $2.7 million in the six months ended June 30, from $1.3m a year earlier, the company said on Friday.

Revenue climbed 49 per cent to $40.7m, which it said left it on track to boost annual sales by 20-to-30 per cent, while earnings before interest, tax depreciation and amortisation climbed 47 per cent to $5.3m.

The bottom line was dragged down by a $782,000 foreign exchange loss as currency markets went through a period of turbulence in the wake of the UK vote to quit Europe in late June and the kiwi dollar's strength persisted, it said.

Vistahas been bolting on new acquisitions since it went public in 2014 and the latest period includes purchases of a 50 per cent stake in London-based marketing firm Powster, a half-share of Dutch software developer Share Dimension, and 100 per cent of New Zealand's, which provides information about movie sessions.

The company's Vista Cinema segment has increased its site numbers by 490 to 5200 in the half, with key deals signed in China, South Africa and the Middle East.

Its Veezi software-as-a-service unit added 79 contracted sites, taking it to 429 at June 30, while the Movio analytics segment lifted revenue 85 per cent as it signed major contracts with NCM, Sony and Warner Bros. The MACCS film distribution segment increased revenue 33 percent due to a deal with Warner Bros.

Vista has also crossed the last regulatory hurdle in a new joint venture with China's Beijing Weying Technology Co (WePiao), which it says will help grow its presence in the Chinese film-going market, the fastest-growing in the world.

Vista shares last traded at $6.70, and have gained 16 per cent this year.

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