Volante half year profit dips

By

Volante Group has recorded a massive drop in profit after tax for its half year ending December 31.

Volante half year profit dips
Volante Group has recorded a massive drop in profit after tax for its half year ending December 31.

The systems integrator scraped up $2 million for period, down from $5.5 million during the same period a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) at $12.6 million, was also down on 2004’s result of $17.0 million for the same period.

According to Volante the results are in line with the company’s guidance of November last year, given restructuring and tender costs of $2.9 million.

Revenues were also down for the period, dropping from $203.8 million in 2004 to $194.4 million this period.

A breakdown of the Volante’s revenue and EBITDA earnings backed up the company’s decision to recently restructure the business to gain a greater focus on services.

During the half year Product solutions revenue of $139.1 million gained EBITDA earnings of $4.6 million, while services revenue of $55.3 million gained the company EBITDA earnings of $7.9 million.

In an ASX statement, group managing director Ian Penman said the results reflected the significant challenges faced by the company.

“The first half was negatively impacted by one off restructuring costs of $1.9 million, tendering costs of $1 million, lower than anticipated revenue from product sales and a higher than acceptable cost structure,” he said.

Volante’s shares opened this morning at $1.135.
Got a news tip for our journalists? Share it with us anonymously here.
Tags:

Most Read Articles

ANZ Institutional readies go-live for "multi-agent chatbot" amie

ANZ Institutional readies go-live for "multi-agent chatbot" amie

Westpac hires CBA's data chief to lead AI, data and digital

Westpac hires CBA's data chief to lead AI, data and digital

Westpac pilots AI to analyse inbound call content

Westpac pilots AI to analyse inbound call content

ANZ explores agentic AI opportunities

ANZ explores agentic AI opportunities

Log In

  |  Forgot your password?