Airports and utilities software developer Gentrack has reported a bigger first-half loss, against a backdrop of customer insolvencies and a downturn in air travel.
File pic Photo:
Key numbers for the six months ended March compared to a year ago:
- Net loss ($5.8m) vs ($1.1m)
- Revenue $57.1m vs $51m
- Underlying profit $1.2m vs $7m
- Cash $16.5m vs $25m
- Interim/final dividend n/a
The company said revenue grew despite the turmoil in the British energy market, with 12 of its customers moving into insolvency over the past 18 months, and the continuing energy crisis, which has hit its business to consumer customer base.
It said the fall in cash was a result of increased investment in research and development as well as sales and marketing and customer payments on some large implementation projects.
"We expect our cash position to improve in the second half of the year," the company said in a market statement.
Gentrack reaffirmed its full year revenue guidance of about $115 million with an underlying profit in the low single digits.
