Friday 27th August 2021
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VITAL Limited, the publicly listed telecommunications services provider today announced its annual result for the financial year ended 30 June 2021.
• Profit after tax of $0.841m, an increase of 14.5% compared to $0.734m June 2020.
• Revenue $35.24m, an increase of 5.6% compared to $33.36m June 2020.
Vital is pleased to announce growth in both revenue and profit, although it notes that the second half of the financial year has not been as profitable as the first. As we indicated at the interim results, the company has now completed its major capital investments, with capital expenditure for the year being $8.28m including the upgrade of the St John Ambulance radio network. For the year ending 30 June 2022 Vital is forecasting Capital Expenditure of $5.3m, with $3.0m funded by customers.
As forecasted, debt increased to $14.39m from last years $12.14m and we forecast debt to increase 3-5% over the next 12 months. Vital like other organisations is experiencing headwinds associated with the impact of Covid-19. Vital has suffered from a loss of contracts and subsequent revenue, especially within its Wellington fibre business where we have seen many organisations reduce their requirements as they have either down sized or closed completely. This has been compounded by a continuous increase in costs as the market responds to inflationary pressure from increased shipping costs and challenges in the supply chain along with the scarcity of skilled resources associated with our current border restrictions.
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