Wednesday 16th December 2020
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Rakon has reported an unaudited net profit after tax of $4.6m for the six months to 30 September 2020 (HY2021), compared with $1.3m in the September 2019 half-year (HY2020). Revenue was $2.6m higher at $59.5m.
Rakon reported Underlying EBITDA of $11.4m – an increase of $4.5m from the previous corresponding period.
Despite severe initial effects from Covid-19, the company achieved a strong first half-year result due to prompt mitigation actions in the first quarter and increased demand in the second, particularly from the Telecommunications market segment.
Telecommunications revenue was up $6.2m for the half-year and now comprises 64% of Rakon’s total revenue. The increase in demand in the second quarter occurred mainly in the New Zealand business as many Tier One customers managed their supply chain risks by building safety stock.
In the second half of the current year, with ongoing economic uncertainty from geopolitical tensions and Covid-19, 5G roll-out has slowed but recent activity indicates demand improving.
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