By Phil Boeyen, ShareChat Business News Editor
|
Monday 10th September 2001 |
Text too small? |
For the 13 months to the end of June the company lost $1.52 million, up from a loss of $378,000 last year, but reported earnings before interest, tax, depreciation and amortisation of $1.42 million.
"This comfortably exceeds the Ebitda of $1.2 million forecast in the November 2000 listing profile and resulted in an operating surplus of $1.235 million (forecast surplus: $1.196 million)," says Cadmus MD,
Ian Bailey.
Unusual items included an asset revaluation writedown of $392,000 and amortisation of goodwill of $1.566 million, relating to Cadmus' purchase of Insight Data.
The company recognised losses of $322,000 from depreciation and expenses relating to its investment in associated companies ESTL and POS Power Limited.
"These investments, and the associated expenses, were not contemplated at the time of the listing profile, but they represent new business opportunities and developments for the group."
Sales more than doubled to $7.5 million compared with $3.42 million previously and the company had a positive net operating cashflow of $1.15 million against a forecast negative operating cashflow of $1.12 million.
"Not only does this result meet the Ebitda forecast in the listing profile, the company also made a substantial investment in the company's future development," says Mr Bailey.
"Furthermore, the positive net cashflows were achieved on only half of the anticipated capital resources. On listing we anticipated raising an additional $3 million during the period and advised the market accordingly in the listing profile. However, we were able to meet our growth targets to date without requiring it."
Mr Bailey says during the year the company grew its market share in New Zealand, benefiting from increased sales of new products to the taxi industry, Bartercard and new customers for its data management services.
"Overall, the focus on our core capabilities of payment solutions and data management has led to the solid financial performance and improved operational efficiencies of the company."
Cadmus is looking to continue to build a stronger presence in New Zealand but also plans to export more of its products.
"Our research and development team will support this by continuing to build innovative payment products and further developing our proprietary technology base."
The company is also planning to increase the value of its business by acquiring profitable companies with positive cashflows in the payment technology and data management sectors.
No comments yet
