Gentrack Group shift to SaaS reflected in revenue

Company News

by Rachael Jones

Airport solutions company Gentrack Group (ASX:GTK) has shown a 5 per cent increase in revenue to $54.4 million, accompanied by a fall in EBITDA of 19 per cent to $12.8 million over the same period last year.

Increased costs reflect the investment in SaaS solutions.

CA Plus was acquired in May 2017 as an early stage business delivering retail management solutions for airports.

Gentrack have fully written down the value of the CA Plus business by $14.6 million reflecting the disappointing performance of this business

Notwithstanding UK Brexit and electricity price regulation introduced in January 2019, Gentrack recorded a 7 per cent increase in revenue on H1 FY18 in the UK.

Shares in Gentrack Group (ASX:GTK) closed 2.64 per cent lower at $5.16.
  

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.