Join our daily newsletter At The Bell to receive exclusive market insights
- Ava Risk Group (AVA) has reported its preliminary results for the first half of the 2021 financial year, tabling $35 million in revenue
- The combined revenue from its technology and services divisions was 80 per cent higher than the prior corresponding period
- Both divisions added new and repeat customers and upgraded products on several sites, generating net operating cashflow of $8.2 million
- Overall, earnings before interest, tax, debt and amortisation (EBITDA) for the half came to $12 million, higher than the $7.4 million reported for the entire 2020 financial year
- Shares have been trading 11 per cent higher at 60.5 cents
Ava Group (AVA) has reported its preliminary results for the first half of the 2021 financial year, tabling $35 million in revenue.
The combined revenue from its technology and services divisions was 80 per cent higher than the prior corresponding period.
The technology division, which offers fibre optic intrusion detection systems, generated revenue of around $16.6 million and earnings before interest, tax, debt and amortisation (EBITDA) of $8.2 million in the half-year.
The services division, which provides secure international logistics for valuables, precious metals and currency, tabled $18.4 million in revenue and EBITDA of $3.8 million in the same period.
Both divisions added new and repeat customers and upgraded products on several sites, generating net operating cashflow of $8.2 million, compared to $6 million in FY20.
Overall, group EBITDA for H1 FY20 came to circa $12 million, up 450 per cent on the prior corresponding period and higher than the $7.4 million reported for the entire 2020 financial year.
At the end of December 2020, Ava Group had $13.4 million in cash and equivalents and $34.1 million in total equity.
Shares have been trading 11 per cent higher at 60.5 cents at 12:49 pm AEDT.
