Empired cracks $174 million

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Empired cracks $174 million
Russell Baskerville

Perth-headquartered managed services provider Empired has seen steady revenue and earnings growth on the back of strong contracted work, the company has reported.

Group revenue for the 2018 financial year is up 4 percent to $174 million despite a slowdown in its New Zealand business. Australian revenue came in at $117 million, up 12 percent year-over-year, while New Zealand revenue was down 11 percent to $57 million.

Underlying EBITDA was up 10 percent at $17 million while operating cash flow was up 58 percent to $15.5 million. Net debt was also reduced to $9.3 million, down from $13.8 million in 2017.

“Along with the board, I am delighted with our results for the year underpinned by capturing and delivering exceptional growth and profitability across all major Australian regions whilst managing a challenging NZ environment,” Empired managing director Russell Baskerville said.

“With the recovery in New Zealand well underway and our Australian operations performing strongly we have set ourselves up for a watershed 2019 year.”

Baskerville said the company remained steadfast on being the leading digital solutions provider of choice across Australia and New Zealand, and is confident that its strategy can help grab market share.

For the first half of the year, Empired’s total revenue came in at $85 million, up $1 million from first-half 2017, and EBITDA of $7.3 million. For the second half, EBITDA grew to $9.7 million.

In December, the company won a multimillion-dollar contract with Catholic Education Western Australia to develop a Microsoft-based solution to drive its digital transformation. The solution will serve 80,000 students covering 170 CEWA school and office locations.

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