26 Nov 2015

Gentrack's full year net profit triples

10:30 am on 26 November 2015

Airport and utilities software company Gentrack has seen its full year profit more than triple, with strong growth in sales.

Gentrack revenue rose more than 9 percent over the year.

Gentrack revenue rose more than 9 percent over the year. Photo: 123RF

The company, which listed on the New Zealand stock exchange last year, made a full year net profit of $9.4 million, in the 12 months ended in September, compared with $3 million the year earlier.

Revenue rose more than 9 percent over the year, with five new customers, upgrades for six existing customers and implementation of eight systems, but failed to meet its prospectus forecast.

Gentrack chair John Clifford said the company was disappointed that it failed to meet its revenue forecast, but did deliver on cash, profit and dividend expectations.

"Of particular note was our continued strong and profitable UK growth, where we won our second water utility project," he said.

"We also delivered our first Australian lines/network implementation, and airport management systems at Sydney and Auckland Airports."

He said the company had a strong order book and was expected to deliver on long-term revenue growth of about 10 percent a year.

The company will update its guidance at the annual meeting in February.

Gentrack also announced that Ian Black will be taking over from James Docking as the chief executive, in January.

Mr Docking will remain on the board as a non-executive director.

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