Adacel Technologies Limited Announces Preliminary Consolidated and Parent Earnings Results for the Year Ended 30 June 2017; Provides Earnings Guidance for the Year 2018
August 28, 2017 at 05:31 am EDT
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Adacel Technologies Limited announced preliminary consolidated and parent earnings results for the year ended 30 June 2017. For the year, on consolidated basis, the company reported revenue from continuing operations of AUD 42,432,000 compared to AUD 47,917,000 a year ago. Profit before tax was AUD 7,851,000 compared to AUD 10,818,000 a year ago. Profit from continuing operations was AUD 9,279,000 compared to AUD 9,217,000 a year ago. Profit for the year attributable to owners of the company was AUD 9,279,000 compared to AUD 9,217,000 a year ago. Basic and diluted earnings per share were 11.71 cents compared to 11.63 cents a year ago. Net cash inflow from operating activities was AUD 4,914,000 compared to AUD 11,330,000 a year ago. Payments for property, plant and equipment was AUD 179,000 compared to AUD 453,000 a year ago. EBITDA was AUD 8.8 million against AUD 11.9 million a year ago. Profit before tax was below prior year due to lower Systems segment contribution, principally due to contract delays. The result in 2017 was lower principally due to the late award of certain key contracts, delays which impacted the company's ability to recognise the program revenue in the period.
For the year, on parent basis, profit for the year was AUD 3,413,000 compared to AUD 2,753,000 a year ago.
The Board anticipates strong revenue and earnings growth in the 2018 financial year, both organic and in part, to a contribution from contracts which were delayed toward the end of the 2017 financial year. The company anticipates growth in both business segments, however growth in the Systems segment is expected to be higher than Services, and will be weighted towards the first half of the period.
Adacel Technologies Limited is an Australia-based provider of air traffic management solutions and air traffic control simulation and training systems and services. The Company's segments include systems and services. The systems segment includes all sales of complex systems and products covering operational control as well as simulation and training, and the hardware and software upgrade business. The services segment includes all aspects of support, field services and on-site technical services. REVAL, its flagship system, is a virtual air traffic control tower system that delivers a spectrum of digital tower operational solutions, from consulting services to system design, development, deployment and support. REVAL applications include single digital tower, multiple digital tower and contingency digital tower. Its Aurora Air Traffic Management (ATM) System integrates oceanic, approach, and tower control capabilities, which manages procedural airspace in a surveillance environment.
Adacel Technologies Limited Announces Preliminary Consolidated and Parent Earnings Results for the Year Ended 30 June 2017; Provides Earnings Guidance for the Year 2018