27 Nov 2014

Gentrak beats guidance with $3.4m

2:16 pm on 27 November 2014

Gentrak has made a full-year net profit of $3.383 million, which is better than it signalled in August but short of its prospectus forecast in May.

Chief executive James Docking said the revenue result - of $38.5 million for the year ended September - was also less than the May forecast, although Gentrak would still pay a final dividend of 3.6 cents a share.

The utility and airport software developer had to revise its full-year forecast in August following a dispute with one of its customers over the payment of services, and a delay in signing a contract with another.

Despite the setback, Mr Docking said Gentrak had a good year with the successful implementation of its first network billing project in Australia and its first water billing project in the UK, which helped the UK-based business grow by 40 percent.

"With a couple of hiccups we had, we were a little bit gun-shy and I guess a bit conservative with our guidance, and some projects came on a bit stronger towards the end of the year."

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