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Home / Business

Rakon turns to first-half profit; reiterates full-year profit forecast

By Tina Morrison
BusinessDesk·
15 Nov, 2017 09:16 PM2 mins to read

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Managing director Brent Robinson. Photo / Getty Images

Managing director Brent Robinson. Photo / Getty Images

Rakon turned to a first-half profit from a loss a year earlier, citing growth across the technology company's key markets, improved margins and lower costs.

The Auckland-based company posted a profit of $908,000, or 0.4 cents per share, in the six months ended September 30, from a loss of $5.7 million, or 2.9 cents, a year earlier.

Revenue advanced 5.1 per cent to $48.3m, as operating expenses dropped 5.7 per cent to $19.5m, it said in a statement.

Managing director Brent Robinson said the company, which designs and manufactures advanced frequency control and timing products, had achieved modest revenue growth across all its key market segments of telecommunications, global positioning, and space and defence.

While the telecommunications market remained subdued, he said the company had strong sampling for two new product platforms that can lead customer's next generation technology requirements.

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"It was pleasing to see both improved margins and a reduction in operating costs, where action had been taken in recent years to improve results," Robinson said.

Rakon generated positive cash flow in the period of $4.9m, compared with negative cash flow of $600,000 in the year-earlier period, which helped the company reduce net debt to $30,000 from $19.7m.

First-half underlying earnings before interest, tax, depreciation and amortisation jumped to $3.8m from $600,000 in the year-earlier period and the company reiterated its forecast for full-year earnings on that measure of between $10.7m and $12.7m.

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In its largest market of New Zealand, underlying ebitda lifted to $4m from $292,000 a year earlier, while its Chinese investments boosted earnings to $1.4m from $809,000.

In the UK, underlying ebitda dropped to $815,000 from $1m, and in India earnings fell to $371,000 from $531,000.

In France, the underlying ebitda loss narrowed to $1.3m from $1.6m, while in Australia the loss widened to $1.3m from $921,000.

Rakon won't pay a first-half dividend. Its shares last traded at 21.5 cents, having dropped 2.3 per cent this year.

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