Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Gentrack annual earnings rise 16%, beating guidance

Friday 04 November 2016 01:42 PM

Gentrack annual earnings rise 16%, beating guidance

By Paul McBeth

Nov. 4 (BusinessDesk) - Gentrack Group, the utilities software developer, said annual earnings rose 16 percent, 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 $15 million ebitda forecast provided at its half-year update, and up from $14.5 million in the 2015 financial year. Revenue rose about 25 percent to $52.7 million and net profit was up 3 percent to $9.6 million.

"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. "Operating results have been impacted negatively by the strength of the New Zealand dollar against other currencies."

Gentrack had anticipated revenue to gain 20 percent 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 percent to $3.50, having gained 36 percent so far this year. The stock was punished after releasing a major profit warning six weeks after listing but has recovered since September last year and is now trading above its 2014 initial public offering price of $2.40.



© Scoop Media

Business Headlines | Sci-Tech Headlines


Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Air New Zealand: Business Travellers Return To The Skies In Record Numbers

After a year of talking to a computer, Kiwis are leaving the office to re-connect with their clients, suppliers, and staff. New figures released by Air New Zealand show domestic business and corporate travel has defied global trends by returning ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>

Commerce: House Values Continue To Climb As New Government Measures Announced

The Government’s new initiatives to quell the rocketing housing market were announced last week, just as house prices hit a new high for the end of March. The average value increased 7.8% nationally over the past three-month period, up from the 6.8% ... More>>