Gentrack’s ‘significant progress’ towards new contracts

Article – BusinessDesk

Gentrack’s ‘significant progress’ towards new contracts will contribute to FY19 results

By Margreet Dietz

June 29 (BusinessDesk) – Gentrack Group, an Auckland-based software developer for utilities and airports, said it has made “significant progress towards several new customer wins” in the US and Australia that will contribute to its fiscal 2019 results.

These are not expected to have a material impact on its fiscal 2018 earnings, with the company forecasting earnings before interest, tax, depreciation and amortisation of between $30 million and $32 million, though “they will contribute to FY19 results and position Gentrack well for further wins in the US airport and Australian utility markets,” the company said in a statement.

Gentrack said it has been awarded a contract for its BlipTrack guest predictability solution at the Port Authority of New York and New Jersey, which operates Newark, La Guardia, JFK and Stewart airports in the US. The airport operator is already a major customer for its Airport 20/20 software, Gentrack added.

It has also been awarded preferred vendor status and is entering into final contract negotiations with Orlando International Airport, and has been appointed as the preferred supplier for a “significant and growing” Australian utility, it said.

Gentrack said its acquisition of UK-based Evolve Analytics, announced last week, is on track for completion today. The latest purchase, for an enterprise value of about $44 million, follows last year’s takeovers of UK billing and customer information systems firm Junifer Systems and European airport software developers Blip Systems and CA Plus.

Its shares slipped 0.1 percent to $7.22 in early trading today. The stock has soared more than 51 percent in the past year, outperforming an 18 percent advance in the country’s S&P/NZX 50 index over the same period.

(BusinessDesk)

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