Gale Pacific updates FY16 earnings guidance

Company News

by Jessica Ellerm

 
Gale Pacific Limited (ASX:GAP) has updated the market that it now expects its profit for FY16 to be at the upper end of previously stated guidance. 
 
Thanks to strong operating performance, profit before tax is now expected to be in excess of $13 million, with further growth pegged for FY17.
 
Cash flow management has also improved for FY16, with net debt of around $10 million expected for the year, an improvement over the prior corresponding period. 
 
Gale Pacific has also announced a number of new senior management appointments in the US, China and ANZ, as the company continues its strategy to accelerate growth in these key markets.
 
Gale Pacfic reported a net profit of $3.18 million at 31 December 2015.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.