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Kalibrate announce unaudited interims for six months ended 31 December 2016

Article posted on March 14th, 2017

Kalibrate.com

Unaudited Interim Results for the six months ended 31 December 2016

Kalibrate Technologies plc (AIM: KLBT), the provider of strategy and technology services to the global fuel and convenience retail industry, announces unaudited interim results for the six months ended 31 December 2016.

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Financial highlights:

  • Revenue declined by 11.7% to $14.1 million (H1 2016: $15.9 million), attributable in part to a negative currency effect of approximately $0.7million, the delayed closing of certain deals and the increased amount of SaaS rather than perpetual licence deals signed during the period
    • Annualised recurring revenues were $22.6 million (or $23.5 million using same exchange rate as used for FY 2016) as at 31 December 2016 (FY 2016: $23m)
  • Operating (loss)/profit before shared-based payments and restructuring costs of ($0.5) million (H1 FY 2016: $0.6 million)
  • Underlying EBITDA of $0.4 million (H1 2016: $1.4 million) reflecting the lower revenue but including a $0.3 million positive currency translation effect
H1 2017 H1 2016
Operating (loss)/profit before shared-based payments and restructuring costs ($0.5) $0.6
Depreciation and amortization $0.9 $0.8
Underlying EBITDA $0.4 $1.4
  • (Loss)/profit before tax ($0.7) million (H1 2016: $0.1 million)
  • Cash balance of $3.3 million which increased from $2.4 million as at 30 June 2016

Operational highlights:

  • First major Planning client secured in Australia
  • 100% client retention during the first half of FY 2017
  • Secured the Group’s first Merchandise Pricing/Promotion client with a second potential client currently in beta testing
  • Continued the development of the B2B/Wholesale fuel Pricing solution for the largest refiner in North America
  • Added 3 more clients to our hosted/managed services offering bringing the total to 44
  • 34 clients now utilising both Pricing and Planning solutions, up from 18 at the time of the AIM floatation

Post period end highlights:

  • First deal signed in Greece (SaaS Pricing)
  • Cost reduction program implemented (Expected to reduce annual net operating costs by approx. $3.5 million)

Commenting on the results, Bob Stein, CEO of Kalibrate, said:
“It has been a challenging first half – one in which we have seen our progress in deregulating fuel markets face delays, but also one in which we have been reminded of the strength, resilience and relevance of our core offering. The balance to our business gives us strength and the continued loyalty of our clients gives us confidence in our strategy and our position.

“We continue to push ahead with our strategy as accelerated growth is dependent on both creating new business in deregulating regions whilst at the same time introducing our new Merchandising Pricing/Promotion and B2B/Wholesale Pricing solutions to both existing and new clients. As such, our investments in these market opportunities remain an important focus. Importantly, we have a number of business opportunities in deregulating markets, albeit that sales cycles in those markets tend to be more prolonged.

“As we enter the second half of the year, we remain optimistic about the long-term growth plan of the Group whilst being encouraged by our pipeline of short and medium-term opportunities.”

For further information please contact:
Kalibrate Technologies plc via FTI Consulting, LLP
Robert B Stein, Jr. Chief Executive Officer
Gregg R Budoi, Chief Financial Officer

N+1 Singer Advisory LLP

+44 (0) 20 7496 3000
Shaun Dobson / Alex Price

FTI Consulting, LLP

+44 (0) 20 3727 1000
Matt Dixon / Chris Lane / Emma Appleton / Elena Kalinskaya

About Kalibrate
For over 20 years, Kalibrate (LSE: KLBT) has advised fuel and convenience retailers throughout the world on how to be best-in-class operators in the fast changing marketplace. Kalibrate’s global footprint and local presence are the result of a merger between two market leaders: KSS Fuels, the forerunner in fuel pricing automation, and MPSI, recognized leaders of retail network planning. Clients gain fuller visibility, truer insight and more effective control over what matters most-total site profitability. Headquartered in Manchester, United Kingdom and Florham Park, New Jersey, Kalibrate has centres of excellence in Mumbai, India; Cleveland, Ohio; Tulsa, Oklahoma; and Melbourne, Australia as well as offices in 10 other countries. For more information, visit kalibrate.com.