FY15

Results for the year ended 28 February 2015

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international information and communications technology (ICT) group, is today publishing its audited provisional summary consolidated results for the financial year ended 28 February 2015 (“FY15”).

Financial Results

  • Group revenue up 13.3% to $6.4 billion (FY14: $5.7 billion)
  • Gross profit at $932.9 million (FY14: $841.4 million)
  • EBITDA up 17.7% to $206.4 million (FY14: $175.3 million)
  • Underlying* earnings per share up 17.1% to 41.8 US cents (FY14: 35.7 US cents)
  • Scrip distribution with cash dividend alternative maintained at 17 US cents per share for the full year

Group performance

  • Strong recovery in Westcon’s performance
  • Logicalis improved in the second half of FY15
  • Better operating margins across all divisions 

Current trading and prospects

  • Continued growth in networking, mobile communications, security and ICT infrastructure managed services
  • Dollar strength expected to hinder growth in some markets and increase relative contribution from the US
  • The Group continues to focus on improving operational efficiency

Jens Montanana, Chief Executive of Datatec, commented:

“Our revenue growth continued this year, driven by a strong recovery in sales and market share at Westcon. Logicalis delivered an improvement in the second half, leading to profitable growth year-over-year. We are also pleased with the improved operating efficiency across all divisions.  

“We have maintained our dividend over the past three years despite volatile earnings and have delivered long-term sustainable returns to shareholders. 

“We expect our diverse operating portfolio to continue to deliver revenue growth, as Logicalis adapts its capabilities to address cloud-based infrastructure opportunities and Westcon increases its momentum with global vendors.”

 

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Half year results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited results for the six months ended 31 August 2014 (“the Period” or “H1 FY15”).

Financial results
  • Group revenue up 8% to $3,0 billion (H1 FY14: $2,8 billion)
  • Gross margin maintained at 15,0% (H1 FY14: 15,0%)
  • EBITDA $90,1 million (H1 FY14: $89,2 million)
  • Underlying* earnings per share 18,2 US cents (H1 FY14: 19,2 US cents)
  • Interim distribution maintained at 8 US cents per share (H1 FY14: 8 US cents)
Group performance
  • Significant improvement in Westcon’s performance
  • Logicalis revenues down mainly due to $50 million shortfall in Brazil due to the FIFA World Cup
  • Competition in the server and storage market rebalancing the Group’s product and services mix
Current trading and prospects
  • Migration to cloud-based services is creating demand for networking, security, mobility and unified communications solutions. The Group is well positioned to capitalise on these trends
  • No change to the Group’s full-year forecast of revenues above $6 billion and underlying* earnings per share of more than 40 US cents
* Excluding impairment of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation of acquired intangible assets, unrealised foreign exchange movements, acquisition related adjustments, fair value movements on acquisition-related financial instruments and the taxation effect on all of the aforementioned.

 

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FY14

Final results

Datatec Limited (“Datatec” or the “Group”), the international information and communications technology (ICT) group, is today publishing its reviewed condensed consolidated results for the financial year ended 28 February 2014.
Results summary
Revenue up 8% to $5,69 billion (2013: $5,25 billion)
Gross profit increased by 8% to $841,4 million (2013: $780,3 million)
EBITDA of $175,3 million (2013: $185,5 million)
Underlying* earnings per share of 35,7 US cents (2013: 43,1 US cents)
Capital distribution maintained at 17 US cents per share for the full year (2013: 17 US cents)
Westcon: new leadership team and re-organisation implemented
Logicalis: transforming into services-based business
Current trading and outlook
Uneven global recovery
Westcon management focused on improving operational efficiency
Logicalis well positioned for industry evolution
2015 financial year forecast:
Revenues in excess of $6 billion
Underlying* earnings per share of more than 40 US cents
*Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
Jens Montanana, Chief Executive of Datatec, commented:
“We continued to grow revenue and our gross margins have been stable. Logicalis had a notably strong year, reporting operating profits up 23%, whilst Westcon underperformed as a result of several factors.
“We remain confident in the sustainability of our long-term growth strategy and have maintained our capital distribution at the same level as the previous year. The secular trends in our industry remain favourable.
“In the current financial year, we anticipate another robust performance for Logicalis while Westcon will continue to consolidate and focus on improving operational leverage.”
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC, Registration number: 1994/005004/06, ISIN: ZAE000017745), the international Information and Communications Technology (ICT) group, is today publishing its unaudited half year results for the six months ended 31 August 2013 (“the Period”).
Financial highlights
Group revenue $2,77 billion (H1 FY13: $2,62 billion)
Gross margin expands to 15,0% (H1 FY13: 14,4%)
EBITDA $89,2 million (H1 FY13: $91,9 million)
Underlying* earnings per share 19,2 US cents (H1 FY13: 23,5 US cents)
Interim capital distribution maintained at 8 US cents per share (H1 FY13: 8 US cents)
Operational highlights
Westcon’s contribution continues to be impacted by roll-out of ERP system
Anticipated growth in the US did not materialize
Logicalis delivered another very strong performance – operating profit up 45% to $32,7 million (H1 FY13: $22,6 million)
Currency weakness in many countries has impacted market demand
Current trading and prospects
Cautious outlook for second half of FY14 in light of Westcon’s performance
Revised 2014 financial year forecast:
Revenues between $5,6 billion and $5,8 billion (FY13: $5,25 billion)
Underlying* earnings per share similar to FY13, approximately 43 US cents per share.
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FY14

Final results

Datatec Limited (“Datatec” or the “Group”), the international information and communications technology (ICT) group, is today publishing its reviewed condensed consolidated results for the financial year ended 28 February 2014.
Results summary
Revenue up 8% to $5,69 billion (2013: $5,25 billion)
Gross profit increased by 8% to $841,4 million (2013: $780,3 million)
EBITDA of $175,3 million (2013: $185,5 million)
Underlying* earnings per share of 35,7 US cents (2013: 43,1 US cents)
Capital distribution maintained at 17 US cents per share for the full year (2013: 17 US cents)
Westcon: new leadership team and re-organisation implemented
Logicalis: transforming into services-based business
Current trading and outlook
Uneven global recovery
Westcon management focused on improving operational efficiency
Logicalis well positioned for industry evolution
2015 financial year forecast:
Revenues in excess of $6 billion
Underlying* earnings per share of more than 40 US cents
*Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
Jens Montanana, Chief Executive of Datatec, commented:
“We continued to grow revenue and our gross margins have been stable. Logicalis had a notably strong year, reporting operating profits up 23%, whilst Westcon underperformed as a result of several factors.
“We remain confident in the sustainability of our long-term growth strategy and have maintained our capital distribution at the same level as the previous year. The secular trends in our industry remain favourable.
“In the current financial year, we anticipate another robust performance for Logicalis while Westcon will continue to consolidate and focus on improving operational leverage.”
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC, Registration number: 1994/005004/06, ISIN: ZAE000017745), the international Information and Communications Technology (ICT) group, is today publishing its unaudited half year results for the six months ended 31 August 2013 (“the Period”).
Financial highlights
Group revenue $2,77 billion (H1 FY13: $2,62 billion)
Gross margin expands to 15,0% (H1 FY13: 14,4%)
EBITDA $89,2 million (H1 FY13: $91,9 million)
Underlying* earnings per share 19,2 US cents (H1 FY13: 23,5 US cents)
Interim capital distribution maintained at 8 US cents per share (H1 FY13: 8 US cents)
Operational highlights
Westcon’s contribution continues to be impacted by roll-out of ERP system
Anticipated growth in the US did not materialize
Logicalis delivered another very strong performance – operating profit up 45% to $32,7 million (H1 FY13: $22,6 million)
Currency weakness in many countries has impacted market demand
Current trading and prospects
Cautious outlook for second half of FY14 in light of Westcon’s performance
Revised 2014 financial year forecast:
Revenues between $5,6 billion and $5,8 billion (FY13: $5,25 billion)
Underlying* earnings per share similar to FY13, approximately 43 US cents per share.
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FY13

Annual results

Full year results -cash distribution up 6%
Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international information and communications technology (ICT) group, is today publishing its audited results for the financial year ended 28 February 2013.
Financial highlights
Revenue up 4% to $5,25 billion (2012: $5,03 billion)
EBITDA $185,5 million (2012: $190,2 million)
Cash generated from operations increased to $316,8 million (2012: $102,8 million)
Underlying* earnings per share 43,1 US cents (2012: 47,9 US cents)
Capital distribution up 6% to 17 US cents per share for full the year (2012: 16 US cents)
Operational highlights
Group EBITDA performance impacted by weaker second half at Westcon
Acquisition of Afina further broadens Westcon’s geographic reach
Record financial performance from Logicalis – operating profit up 28%
Current trading and prospects
US market showing signs of improvement
Westcon continuing to adapt to weaker environment
Robust performance expected to continue in Logicalis
2014 financial year forecast:
Revenues of between $5,6 billion and $5,9 billion (2013: $5,25 billion)
Underlying* earnings per share of approximately 50 US cents (2013: 43,1 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
Jens Montanana, Chief Executive of Datatec, commented:“Last year presented contrasting trading periods and differing divisional achievement. In the first half we performed well in most operations around the world and met our financial expectations. However, in the second half, Westcon experienced a slowdown in revenues, particularly in Europe and North America. Logicalis, by contrast, continued to perform strongly throughout the year especially in the UK and USA.“Our increase in capital distribution, despite the weaker second half and challenging trading environment, is a clear demonstration of our confidence in the sustainability of our long term growth strategy.

“In the current financial year, we anticipate another robust performance for Logicalis while Westcon will continue to consolidate and focus on improving operational leverage.”

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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited interim results for the six months ended 31 August 2012.
FINANCIAL HIGHLIGHTS
Group revenue up 7% to $2,62 billion (H1 FY12: $2,44 billion)
Gross margin increases to 14,4% (H1 FY12: 14,1%)
EBITDA up 8% to $91,9 million (H1 FY12: $85,4 million)
Underlying* earnings per share up 8% to 23,5 US cents (H1 FY12: 21,8 US cents)
Increased interim capital distribution up by 14% to 8 US cents per share (H1 FY12: 7 US cents)
OPERATIONAL HIGHLIGHTS
Trading and underlying earnings continue to improve but growth slowing in a weakening economic climate
Group continues to benefit from business and international diversification
Continued improvement in business mix and growing annuity income stream
Afina expands solution set and geographic high growth markets exposure
CURRENT TRADING AND PROSPECTS
2013 Financial Year forecast remains unchanged despite increasingly uncertain economic outlook:
Revenues of between $5,5 billion and $5,8 billion (FY12: $5,03 billion)
Underlying* earnings per share of approximately 55 US cents (FY12: 47,9 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
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FY12

Annual results

Strong South America performance helps drive EBITDA up 34%
Financial highlights
Revenue up 17% to $5,03 billion (2011: $4,3 billion)
EBITDA up 34% to $190,2 million (2011: $142,2 million)
Cash generated from operations $102,8 million (2011: $64,0 million utilised by operations)
Underlying* earnings per share up 26% to 47,9 US cents (2011: 37,9 US cents)
Capital distributions of 16 US cents per share for the year (2011: 13 US cents), including a final distribution of 9 US cents per share
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
On-going strong performance and operational leverage
Continued margin expansion; overall EBITDA margin 3,8% (2011: 3,3%)
Continuing to benefit from business diversification and international scale
Improved business mix and growing annuity income stream
Logicalis and Westcon establish operations in Indonesia
Current trading and prospects
Security, unified communications and data centre infrastructure continue to be the key solution drivers for growth. Risks remain in Europe, but a recovery in the US and strength in the rest of the world to support global growth
2013 Financial Year forecast
Revenues of between $5,5 billion and $5,8 billion (2012: $5,03 billion)
Underlying* earnings per share of approximately 55 US cents (2012: 47,9 US cents)
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited interim results for the six months ended 31 August 2011.
FINANCIAL HIGHLIGHTS
Group revenue up 14% to $2,44 billion (H1 FY11: $2,13 billion)
Overall gross margin expanded to 14,1% (H1 FY11: 13,2%)
EBITDA up 46% to $85,4 million (H1 FY11: $58,5 million)
Underlying* earnings per share up 38% to 21,8 US cents (H1 FY11: 15,8 US cents)
First interim capital distribution per share of 7 US cents
Total capital distributions since 2006 of $125 million (approximately R1 billion)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition related financial instruments and unrealised foreign exchange movements.
OPERATIONAL HIGHLIGHTS
Benefitting from business diversification, international scale and market share gains
Continuing strong financial performance and operational leverage
Improved business mix and growing annuity income stream
Earnings increase at more than twice revenue growth rate
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FY11

Annual results

11 May 2011
Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its audited results for the financial year ended 28 February 2011.
Strong financial performance drives EBITDA up 31%
Financial highlights
Revenue up 15% to $4,3 billion (2010: $3,7 billion)
EBITDA up 31% to $142,2 million (2010: $108,5 million)
Underlying* earnings per share up 25% to 37,9 US cents (2010: 30,3 US cents)
Capital distribution per share up 8% to 13 US cents (2010: 12 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Strong performance and operational leverage
Solid revenue growth in Westcon and Logicalis; up 13% and 25% respectively
Margin expansion; overall gross margins 13,9% (2010: 13,3%)
EBITDA increases at 2x revenue growth rate
Group continues to benefit from international scale and business diversification
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited results for the six months ended 31 August 2011 (“H1 FY11″).
Financial highlights
Revenue up 19% to $2,13 billion (H1 FY10: $1,80 billion)
EBITDA up 31% to $58,5 million (H1 FY10: $44,6 million)
Underlying* earnings per share up 37% to 15,8 US cents (H1 FY10: 11,5 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Revenue growth in all divisions
Strong recovery in the US and parts of continental Europe
Continued expansion in Asia and Latin America
Group continues to benefit from international scale and business diversification
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FY10

Annual results

Very strong cash generation and stable margins in a tough economic environment positions Group well for recovery
Financial highlights
Revenue $3,74 billion (2009: $4,19 billion)
EBITDA $109 million (2009: $126 million)
Underlying* earnings per share 30,3 US cents (2009: 33.1 US cents)
Second half underlying* earnings per share up 77%
Net cash $186 million (2009: $36 million)
Capital distribution per share 12 US cents (2009: 12 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Strong recovery in second half of financial year
Group continues to benefit from international scale and business diversification
All divisions have returned to revenue growth
Very strong operational cash generation
Continued geographic expansion; Logicalis establishes pan Asian footprint
Increased predictability and reduced volatility in financial performance
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited results for the six months ended 31 August 2010 (“H1 FY11″).
Financial highlights
Revenue $1,8 billion (H1 FY09: $2,3 billion and H2 FY09: $1,9 billion)
EBITDA $44,6 million (H1 FY09: $71,4 million and H2 FY09: $54,2 million)
Underlying* earnings per share 11,5 US cents (H1 FY09: 22,5 US cents and H2 FY09: 10,6 US cents)
Cash generated from operations: $184 million (H1 FY09: $66 million and H2 FY09: $129 million)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Group’s scale and diversity continues to be a strong asset – providing resilience in a difficult environment
South America, Middle East and Asia remain robust
Signs of improvement in US and Europe in recent months
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FY09

Annual results

Financial highlights
Revenue $4,2 billion (2008: $4,0 billion)
EBITDA $126 million (2008: $151 million)
Cash generated from operations (“operating cash”): $195 million (2008: $77 million)
Underlying* earnings per share 33,1 US cents (2008: 47,3 US cents)
Capital distribution per share 12 US cents (2008: 12 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Scale and diversity of the Group continues to mitigate the impact of the current economic climate
Relative resilience in tough market
Year of further internationalisation and business diversification
Approximately 50% of EBITDA derived from integration, services and consulting
Very strong performance from Logicalis in all regions – EBITDA up 57% to $57 million
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Interim results

Financial highlights
Revenue $1,8 billion (H1 FY09: $2,3 billion and H2 FY09: $1,9 billion)
EBITDA $44,6 million (H1 FY09: $71,4 million and H2 FY09: $54,2 million)
Underlying* earnings per share 11,5 US cents (H1 FY09: 22,5 US cents and H2 FY09: 10,6 US cents)
Cash generated from operations: $184 million (H1 FY09: $66 million and H2 FY09: $129 million)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Group’s scale and diversity continues to be a strong asset – providing resilience in a difficult environment
South America, Middle East and Asia remain robust
Signs of improvement in US and Europe in recent months
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FY08

Annual results

Revenue up 27% to $4,0 billion
Gross margin up 13,7%
Operating profit up 25% to $123,6 million
Underlying* earnings per share up 21% to 47,3 US cents
Cash distribution to shareholders up 20% to 12 US cents
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Major acquisitions transform Westcon’s European business and diversify product mix
Significant second half turnaround in the performance of Logicalis US
Creation of South American market leader with completion of $77.2 million merger for Logicalis
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Interim results

Contents of inner Accordion panel 2.
Financial highlights
Revenue up 26% (11% organic) to $1.92 billion
(2006 restated: $1.52 billion)
Gross margin percentage improved to 12.9% (2006: restated: 12.6%)
Underlying* EBITDA increased by 26% to $61.0 million (2006: $48.4 million)
Underlying* earnings per share up 35% to 18.9 US cents (2006: 14.0 US cents)
Headline earnings per share up 8% to 16.8 US cents (2006: 15.6 US cents)
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements.
Operational highlights
Robust growth outside the US: 57% of Group revenue now derived from outside the US
Major acquisitions transform Westcon’s European business and improve the vendor mix
Logicalis US restructured to improve profitability
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FY07

Annual results

Revenue up 17% to $3.2 billion (2006 restated: $2.7 billion)
Continued margin improvement at all levels
Operating profit* up 45% to $100 million at a margin of 3.2%
Headline earnings per share up 52% to 40.8 US cents (2006: 26.9 US cents)
Distribution to shareholders doubles to approximately 10 US cents
London listing underpins acquisition programme
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Interim results

Revenue up 16% to $1,7 billion (2005: $1,4 billion)
Operating profit up 44% to $43,3 million (2005: $30,1 million)
Headline Earnings per share  up 30% to 15,65 US cents (2005: 12,02 US cents)
Completion of London listing provides broader access to international investors
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FY06

Annual results

Revenue up 18% to $3 billion
Operating profit up 532% to $69 million from $11 million
Net cash up 23% to $172 million
Headline earnings per share up 650% to 26,9 US cents
Cash distribution of 30 RSA cents per share (approximately 5 US cents)
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Interim results

Revenue up 15% to $1.4 billion
EBITDA improves to $39.5m from $10.2m
Headline earnings per share improves to 12.0 cents from 0.1 cent
Net cash of $112m
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