Future Mobility Solutions lifts annual profit 24%

Friday 26th May 2017

Future Mobility Solutions posted a 24 percent gain in annual profit and said plans to seek a listing on an overseas market are now well advanced.

The Auckland-based company lifted net profit to $627,823 in the year ended March 31, from $507,576 a year earlier, it said in a statement. Its earnings before interest, tax, depreciation and amortisation rose 42 percent to $1.3 million. While revenue slipped 5 percent to $17.7 million, the cost of sales less related depreciation expense was also lower.

The company said it would make further announcements about its planned listing in due course and that the previously announced acquisitions of SAS Sillinger, Gemini Marine and Sealegs Europe continue to progress.

Chair Eric Series said the company will "continue to actively seek acquisition opportunities to grow its revenues and develop a powerful marine solutions oriented business."

Future Mobility grew out of amphibious boat maker Sealegs, changing its name and NZX stock ticker in January, after signalling plans to expand into new markets such as drones and sea structures.

Its shares advanced 6.1 percent to 17.5 cents, and have jumped 47 percent over the past 12 months.

(BusinessDesk)

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