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Tuesday, 05 August 2014 02:45

Strong performance sets up Empired for further growth

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Western Australia-based listed, national IT Services company Empired (ASX:EPD) increased revenues by 44% to a record $67 million in the full year to the end of June, defying what the company says were difficult economic and market conditions.

Empired Managing Director Russell Baskerville said the strong financial, strategic and operational performance was in high demand services around cloud, big data/business analytics, mobile, social and security.

“We are confident that this is a result of our clear strategy to focus on providing our clients with business solutions that are underpinned by our commitment to deliver them efficiency, productivity and growth,” Baskerville said.

“The market is clearly evolving with many organisations challenging traditional business models to deliver more for less, whilst continuing to capitalise on new growth opportunities. We are confident Empired is well placed to assist our clients with these challenges.”

With revenue up 44%, Baskerville said services revenue represented 85% of this result, while EBITDA grew 98% to $7.1m and net profit before tax was up 119% to $4.3M.

Baskervillle said the board had flagged its intention to declare a fully franked dividend in line with the release of its full year audited accounts, “demonstrating the board’s confidence for the year ahead.”

And, Baskerville said Empired would enter the FY15 with approximately 45% of revenue contracted.

“Both organically and acquisitively we have ensured that our services have matured and are aligned to global growth mega trends. We are well placed to secure market share in high demand services around Cloud, Big Data / Business Analytics, Mobile, Social and Security.

“Our underlying business model continues to focus on core operational business systems that are fundamental to our customer’s day to day business performance, providing contracted recurring revenue that is predictable and defensive in its nature. This provides us confidence into FY15 with approximately 45% of target revenue contracted.

“Our acquisitions have performed well, they have met all financial performance expectations and have aligned positively into our broader culture. We are confident that these transactions have built upon our strong base and provide a broader national platform to leverage in the coming years.”

Baskerville listed strategic highlights of Empired’s FY 2014 as:  

• Acquired OBS in October 2013, adding $32m of annualised revenue in high growth services across the East Coast, cementing Empired as the largest Microsoft SharePoint partner in Australia. All 2014 financial targets met

• Acquired eSavvy in May 2014, doubling the Sydney office and cementing Empired as the largest Microsoft CRM partner in Australia

• Secured $50m contract with a major resources company, mobilisation and ramp up costs expensed in FY14 and on track to provide contribution in FY15 with potential for considerable upside with the customer

• Secured $46m contract with Main Roads WA, underpinning contracted revenue for the next 5 years

• Raised $15m of equity capital through a strongly oversubscribed institutional placement. This provided material improvements to trading liquidity and provides a strong balance sheet for growth.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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