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Gentrack reports strong half year ahead of acquisition spree

Gentrack reports strong half year ahead of acquisition spree

Utility and airport management software developer grows headcount by 24%

Gentrack has filled out its airport software offerings through acquisitions since the end of the first half of 2017.

Gentrack has filled out its airport software offerings through acquisitions since the end of the first half of 2017.

Auckland-based utility and airport management software developer Gentrack has reported surging revenue for its half year to 31 March.

Revenue of $28.9 million was up 24% on over the same period in 2016, while EBITDA of $8.8 million grew 31%.

Net profit after tax was $5.6 million, up 46% over 2016 and the company declared a 4.2 cent per share interim dividend.

Key utilities and airport projects continued in Australia and Europe, driving project services revenue up 37% and recurring fees up 9%.

Gentrack has acquired three other companies since the end of the half. UK-based Junifer Systems was bought for $74.6 million on 1 April, giving Gentrack over 50% of the independent energy suppliers in the UK.

Gentrack's Velocity and Junifer CIS are largely complementary with the  former offering cloud hosted and on-premise solutions for large utilities and the latter developing SaaS billing and customer management systems for challenger energy and water suppliers. 

Passenger flow, queue prediction and airport capacity forecasting company Blip Systems, which has 26 airport clients, was bought for $8.4 million on 23 April.

Retail concession management software company Concessionaire Analyzer +, with six airport customers, was bought for $11.9 million on 8 May.

Growth in the UK continued with revenue up 27% while Australian revenue climbed 28% above the same period  last year. Headcount was up 24%, reaching 286.

The utilities business secured several new software projects in Australia, New Zealand and the UK including Pulse Utilities, Vector and Ovo Energy, and went live with Velocity at Good Energy. 

Utilities revenues achieved a 31% increase for the half while first half revenues from Gentrack’s Airport division were down 11%. Gentrack attributed that to the timing of new projects which started late in the half.

Greenland Airports Authority and Jersey Airport becoming the latest customers to sign for Gentrack's Airport 20/20 solution. Its first South American customer, Santiago Airport in Chile, also went live.


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