Gentrack Group Limited (ASX:GTK)
report results for the year show underlying EBITDA of $12.1 million, down 51 per cent on FY19, off the back of lower FY20 revenues coming in at $100.5 million, a 10 per cent decrease on FY19.
Gentrack are a provider of software solutions for utilities and airports.
Despite the decline, Annual Recurring and Committed Monthly Recurring Revenues for the year have increased by 4.9 per cent and 18 per cent respectively reflecting new utilities business in Australia and the UK, and net growth in the metre points for existing customers in these regions.
It also reflects new airports business won in the year in Australia, North America and Europe.
The Group has recorded a Statutory NPAT loss of $31.7 million for the full year including an impairment charge of $34.5 million primarily related to goodwill impairments in both the Blip and Utilities businesses, reflecting uncertainty in the outlook.
In light of the NPAT loss, the Board has taken the decision not to pay a final dividend.
Shares in Gentrack Group Limited (ASX:GTK)
closed 4.4 per cent higher at $1.41.