Rhipe beats forecast to crack $150m

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Rhipe beats forecast to crack $150m

Cloud software distributor Rhipe has beat its revenue forecast to hit $157 million, growing 15 percent year-on-year for the 12 months to June 30, 2017.

In an unaudited summary of its financial report, the company reported a strong second half and expects to meet $4 million in reported EBITDA target, which would be a 167 percent increase on last year’s figures.

The company also highlighted 70 percent growth in South East Asian licensing revenue, and 16 percent overall licensing revenue growth to $151.8 million. The distributor's public cloud business grew to 130,000 seats, more than doubling from last year’s reported 54,000, and constituting recurring revenue in excess of $22 million.

Rhipe reported $5 million in operating profit, versus a break even the previous year.

Chief executive Dominic O’Hanlon said the results reflected investments the company made in 2016.

“In last year’s annual report I noted that, ‘if FY2016 was a year of significant investment in public cloud then I expect FY2017 to be the year in which we see the rewards in terms of business profitability’. I am pleased that Rhipe has been able to deliver on this promise and I look forward to another great year in FY2018,” he said.

Rhipe chairman Mike Hill said the results built confidence for the year ahead.

“We are very pleased by the strong second-half performance of Rhipe as well as the strong cash generation delivered at the year end,” he said.

In June, Microsoft appointed Australian Rhipe a globally managed licensing partner, joining just seven other globally managed partners across the world, and the only one based in Asia-Pacific.

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