Gentrack inks contract with Eon; 1H profit forecast unchanged

Gentrack Group has inked a contract with Eon, providing Germany’s largest renewable energy producer with its velocity utility billing and customer management software for its UK and Romanian energy supply businesses.

Auckland-based Gentrack said the contract won't alter its forecast for first-half earnings. Last month, Gentrack said it expects first-half earnings before interest, tax, depreciation and amortisation of between $15 million to $16 million, compared with $8.8 million the year earlier as it benefits from acquisitions.

The utilities software developer last year lifted net profit 23 percent to $11.8 million as revenue rose 43 percent to $75.2 million as a slew of recent acquisitions drove growth. Gentrack has been on a buying spree in the latest year, with deals to buy UK billing and customer information systems firm Junifer Systems for $74.6 million and European airport software developers Blip Systems and CA Plus for approximately $20.3 million.

The company said the latest contract signing continues its success in the UK energy sector, with more than 38 energy utility customers in the region now using its software.

Its shares rose 0.5 percent to $6.68 and have climbed 82 percent over the past year.

(BusinessDesk)

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