Thursday 26th November 2020
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Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions for utilities and airports, today released its results for the year to 30 September 2020.
• Revenue: $100.5m - down 10% on FY19
• Committed Monthly Recurring Revenue: $56.7m – up 18% on FY19
• EBITDA: $12.1m - down 51% on FY19
• Statutory NPAT: ($31.7m) – driven by non-cash write-downs
• Adjusted NPAT: $2.4m
• Net cash: $16.8m up $12.2m on FY19
• No Final Dividend payable
The results for the year show underlying EBITDA of $12.1m, down 51% on FY19, off the back of lower FY20 revenues coming in at $100.5m, a 10% decrease on FY19.
Despite the decline, Annual Recurring and Committed Monthly Recurring Revenues for the year have increased by 4.9% and 18% respectively reflecting new utilities business in Australia and the UK, and net growth in the meter points for existing customers in these regions. It also reflects new airports business won in the year in Australia, North America and Europe.
Net Cash at 30 September 2020 has increased by $12.2m over the same period last year, marking a strong year in cash generation. Costs were down by $3.2m in H2’20 (vs H1’20) reflecting the impact of the cost-out programme in March 2020, COVID-19 cost reductions and other savings measures.
The Group has recorded a Statutory NPAT loss of $31.7m for the full year including an impairment charge of $34.5m primarily related to goodwill impairments in both the Blip and Utilities businesses, reflecting uncertainty in the outlook.
In light of the NPAT loss, the Board has taken the decision not to pay a final dividend.
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