Sharechat Logo

Trading update - Full year results guidance for the period ending 31 March 2020

Friday 8th May 2020

Text too small?

The Board wishes to provide further guidance on the expected full year results for the year ended 31 March 2020 (FY20).

QEX generated an improved second half result following a tough first half of the year as reported to the market in November last year. The full year unaudited revenue for FY20 is expected to be $63 million, an increase from $59.4 million in the prior corresponding period (FY19).

EBITDA for the full year is expected to be in the range of $2.8 million to $3.0 million and net profit before tax is expected to be in the range of $1.5 million to $1.7 million. This includes the impact of costs related to establishing the new Australian operations.

QEX has transitioned to the new IFRS 16: Leases financial reporting standard for the first time. Application of this new standard is expected to increase EBITDA by $750,000 and reduce net profit before tax by $50,000 compared to FY19.

The Company is still working to finalise the full year result, which will then be subject to audit. As part of this process, the Company is working to assess any impact of Covid-19 on receivables. The final audited results may be impacted due to these matters.

In Quarter 1 of FY21, following very strong sales in March, revenue in April has returned to similar levels to the prior corresponding period in 2019.

QEX is in a sound financial position and funds raised from its current capital raising initiative will be used to fund the Company’s growth and expansion as outlined in the share purchase plan Offer Booklet.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

COMVITA LIMITED Announces NZ$50 Million Equity Raising to improve balance sheet flexibility and build resilience
GMT’s delivers statutory profit of $284.4 million before tax
U.S. Can Destroy Huawei, Part Two
Green Recovery Could Create 850,000 British Jobs, Report Finds
RBNZ Warns Banks’ Ability to Absorb Shocks ‘Is Not Unlimited’
Trustpower makes solid progress in challenging year
Air New Zealand liquidity and 2020 earnings update
THL begins New Zealand Restructuring process
The customer is always right
The modern era of globalisation is in danger

IRG See IRG research reports