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Gentrack Group Limited (NZX: GTK) Half-Year Results

Thursday 27th May 2021

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Gentrack Group Limited, a leading provider of software solutions for utilities and airports, today released its results for the half-year to 31 March 2021.

The results for the half-year show an increase in revenue of 0.7% to $51.0m. Utilities revenue increased 6% during the period (vs prior comparative period) driven by new customers and increases from existing customers.

Results Summary

• Revenue: $51.0m – up 0.7% on H1’20

• EBITDA: $7.0m – up 63.2% on H1’20

• Statutory NPAT: ($1.1m) loss

• Net cash: $22.4m up 33.5% on FY20

• No Interim Dividend payable

Updated guidance

In February 2021 Gentrack Group Limited advised that it expected full year EBITDA to be around $5m and revenues in line with FY20 of $100.5m.

With the turnaround accelerating, Gentrack now provides the following outlook update:

• FY21 revenues are expected to be slightly ahead of FY20 revenues of $100.5m

• FY21 EBITDA is expected to be around $10m for the year on the basis that research and development (R&D) costs are expensed

• Incremental R&D costs are expected to be at an exit rate of ~$3m/quarter by the end of the financial year

• The company expects to be net cashflow positive in FY21, building on the $16.8m of net cash reported at 30th September 2020. H2’21 cash generation is expected to be neutral or better.

Please see the links below for details

Results Announcement

Market Announcement

Financial Statements including Chair's Commentary

Investor Presentation

Source: Gentrack Group Limited

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