Gentrack (ASX:GTK) EBITDA down 78% on 1H FY19

Company News

by Katrina Bullock

Utilities software solutions provider, Gentrack Group (ASX:GTK) has seen a 78 per cent decline in EBITDA to $4.3 million for the half-year to 31 March 2020, compared to the prior corresponding period.

Revenue declined 7 per cent to $50.6 million. The company saw a statutory NPAT loss of $12.8 million for the period, partially due to the $10.7 million write down in the goodwill and intangible assets of Blip Systems.

The economic downturn has had a substantial impact on Gentrack’s Airport and Utility customers. Notwithstanding the impact of the economic downturn Gentrack expects to deliver a second half EBITDA result ahead of the first half, and to remain cash flow positive.

In light of the NPAT loss, the Board has decided not to pay an Interim dividend and will review the position at the year end.

Shares in Gentrack Group (ASX:GTK) are trading 0.75 per cent higher at $1.34.