New Zealand-based utilities and airports management software vendor Gentrack has put a cap on a tough 2020 financial year, with revenue down 10 per cent to $100.5 million.
Underlying EBITDA of $12.1 million was down 51 per cent in the year to 30 September.
Annual recurring and committed monthly recurring revenues for the year provided some cheer, increasing by 4.9 per cent and 18 per cent respectively.
Gentrack said this reflected new utilities business in Australia and the UK, and net growth in the meter points for existing customers in those regions. It also reflected new airports business won in Australia, North America and Europe.
Net cash at 30 September increased by $12.2 million over the same period last year and costs were down by $3.2 million in the second half-year compared with the first.
Gentrack recorded a net after tax loss of $31.7 million for the year, including an impairment charge of $34.5 million related to goodwill impairments in its Blip and Utilities businesses, reflecting uncertainty in the outlook.
“The results reflect a tough year for our utilities and airports customers," said CEO Gary Miles. "Pleasingly the revenue mix and shift in annual recurring revenues is positive.
"We see opportunities in our markets and our strong net cash position sets us up to accelerate our technology investment and lead the industry as it transforms to the cloud and clean technologies.
"This year we’ve also played a key role in enabling our customers to adapt to COVID, keeping their mission critical systems operational and ready to support customer hardship at this time.”
No final dividend will be paid.