Gentrack lifts forecast for annual earnings 20%
By Tina Morrison
Sept. 28 (BusinessDesk) - Gentrack Group, the utilities software developer, raised its expectation for annual earnings by 20 percent.
The Auckland-based company expects group underlying earnings before net finance expense, tax, depreciation and amortisation and costs relating to acquisitions of $24 million in the year ending Sept. 30, ahead of its previous guidance of $20 million published on May 25, it said in a statement.
The forecast includes capitalisation of product development costs of about $900,000, but excludes $1.3 million in one-off costs relating to acquisitions, it said. The company expects to publish its annual results on Nov. 29.
Gentrack has been on a buying spree this year, with deals to buy UK billing and customer information systems firm Junifer Systems for $74.6 million and European airport software developers Blip Systems and CA Plus for approximately $20.3 million.
The shares last traded at $4.85 and have jumped 56 percent this year.