Empired forecasts bumper earnings for 2021

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Empired forecasts bumper earnings for 2021
Russell Baskerville (Empired)

Managed services provider Empired has forecast a strong start to 2021, estimating it will hit between $87 and $89 million in revenue in the first half of next year.

The Perth-headquartered company said the revenue bump was due to a number of multi-million dollar contract wins and would boost its earnings (EBITDA) to between $15.8 and $16.5 million for the first half of 2021.

“We have been delighted with the progress made in ramping up services relating to a number of key contract wins over the past six months,” the company’s MD Russel Baskerville told investors.

“In the face of challenging conditions our team has transitioned and commenced service delivery ahead of time and in line with anticipated financial performance.

“This combined with pleasing earnings growth across the Australian East Coast and an outstanding performance from our New Zealand operations provides confidence in our solid first half guidance and continued growth into the second half.

The company also intends to pay dividends to shareholders for the first time in the early part of 2021.

“We believe this is a clear positive message of confidence in our outlook,” Baskerville added.

“The comp[any has a strong base of long-term contracts combined with high levels of ongoing cash conversion and a net cash balance sheet.

“We have held firm on our strategy for a number of years and we believe our Microsoft partnership, investments in managed services and modern digital services portfolio are key drivers to record sales opportunities across all our regions and our ability to compete and win in large, multi-year strategic contracts.

“I’d like to acknowledge our staff for their tremendous effort through a challenging time and the critical support that our partners and clients provide as we pursue the goal of building the most respected digital services company across the ANZ region.”

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