rhipe upgrades FY19 profit guidance

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rhipe upgrades FY19 profit guidance

Cloud distie rhipe has issued new guidance for its FY19 profit.

The company’s presentation (PDF) for its half-year results predicted an operating profit for the year of between $11.5 million and $12 million.

But an ASX statement (PDF) issued on Wednesday saw the company’s board “pleased to provide a further upgrade on operating profit guidance for the 2019 financial year (FY19) to $12.5M+.”

Directors were so pleased with that jump that they added “As a result of these strong results, and the potential for further future growth, the board of rhipe has decided to continue investing in the business during the 2020 Financial Year (FY20) with an expansion in operating expenses to fund sales growth, marketing and rhipe’s own intellectual property initiatives.”

The statement offered more good news in the form of a guidance for operating profit of “approximately $16M” for FY 20, “excluding any changes in market conditions or major expansion initiatives such as geographical or vendor expansion opportunities.”

rhipe’s FY18 operating profit was $7.8 million, an increase of 58 percent compared to the previous year. A $12.5 million result for FY19 would represent 60 percent growth, which would be maintained by a leap from $12.5M to $20M in FY 20.

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