Azure Healthcare subsidiary Austco Communication Systems has scored a major deal in Singapore which represents a double digit addition to its revenues in one hit.
Last financial year the company recorded revenues of about $18 million and delivered an Ebitda of just shy of $1 million.
Company chairman Bob Grey told CRN the deal represented close to 10 per cent of the business's revenues, leading to an announcement on the ASX earlier today.
While the scale of the deal is very significant for Azure, the source is not. The company already generates the majority of its revenues off shore.
In the days preceding the announcement Azure's share price spiked from 40 cents to 70 cents and volumes increased dramatically from trades of several hundred shares a day to over nine million in one day.
However, before you reach for your ASIC hotline number, Grey said the volume increases were the result of a fund taking a position in the business and that the company had not received a please explain from the ASX.
But at least there's a happy fundy somewhere who has made his bonus for the year.
In terms of this latest win Austco will receive in excess of SGD$2.3million for the implementation of its Tacera Nurse Call System at Ng Teng Fong General Hospital and Jurong Community Hospital which are part of the Jurong Health District in Singapore, according to the company.
"Jurong Health is building the new public healthcare cluster to facilitate the integration of services and care processes within the hospital and across the community, so as to better serve the healthcare needs in Western Singapore," according to a company statement and Austco has partnered with Vodoke and
Grey described Tacera as an IP‐based Hospital Communications system that links patients, in real time with all Healthcare personnel, support systems and internal processes responsible for their care and safety. "Tacera empowers the hospital staff with easy to use technology helping healthcare facilities to increase productivity while reducing risk and cost.”