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Company Announces Interim Financial Result

AUCKLAND, AUSTRALIA – 14 December 2015 – /BackupReview.info/ — Leading technology company Fronde returned to profit, releasing its interim financial results for the six months ended 30 September.

Key outtakes of the result:

  • Profit before tax $1,211k, a $2,336k turn around on the prior comparable period (30 Sept ’14: -$1,125k)
  • Revenue flat period-on-period (30 Sept ’15: $31,583k, 30 Sept ’14: $31,589kk)
  • $897k period-on-period improvement in gross profit (30 Sept ’15: $8,368k, 30 Sept ’14: $7,471k)
  • $1,456k savings in expenditure for the period (30 Sept ’15: $7,103k, 30 Sept ’14: $8,559k)
  • Earnout out agreement relating to the OnlineOne acquisition was renegotiated and concluded, with a $203k charge against profit before tax
  • Fronde Chairman Jon Mayson says the action taken by the company to improve its financial performance has paid off.

“Fronde has turned its financial performance around during a period of challenging trading conditions, improving profit before tax by $2,336k compared to the same period last year.

“This was achieved through strong cost control, better matching of capacity to workflow, and a 12% improvement in operating margins. We’ve also made changes internally in terms of staffing and business focus to be able to effectively meet the changing needs of the market and our customers who are more and more looking to us for cloud and digital solutions.

“We are forecasting a more challenging second half, and will continue to keep a close eye on costs and take action to ensure Fronde remains profitable over the balance of the year,”says Mr Mayson.

Revenue was flat for the period. While New Zealand revenue contracted, Fronde Australia grew by 7% for the six month period and was named in the CRN Fast 50 for the second consecutive year.

Growth continues in Australia where the business will concentrate efforts on its Google and NetSuite practice areas, says Fronde Chief Financial Officer, Emma Watson.

“Consistency of operating margins is improving as Fronde earns a greater proportion of recurring revenue, with the business positioned to deliver a net profit for the full year.

“In New Zealand many of the company’s business units are performing strongly. Fronde is working on increasing recurring revenue in the large and mid-tier enterprise markets, as changing Government procurement practices and investment priorities have impacted the number and profitability of opportunities for custom software development.

“Fronde is looking for growth opportunities in the Auckland and Wellington enterprise markets and has been successful in winning platform development work for large established clients, with a strong pipeline for Salesforce, Google and Amazon sales and implementations,” says Mrs Watson.

Fronde welcomed new CEO Anthony Belsham who joined Fronde on 7 December, and farewells Ian Clarke, who leaves the company after 16 years, including eight years as CEO.

About Fronde
Fronde is a technology industry leader with 22 years of experience, 350+ people, and offices across Australasia.Responsible for liberating hundreds of organisations from their traditional IT constraints, Fronde is leading in an era of unprecedented technology change. Proud to be a Salesforce Gold Partner, NetSuite Solution Provider, Amazon Advanced Consulting & Reseller Partner, and Google Enterprise Partner, Fronde serves businesses with an unrivalled cloud portfolio. Fronde aims to liberate organisations to pursue new levels of innovation and efficiency, delivering business outcomes through their technology consulting, software development, systems integration, managed services and cloud solutions.

Fronde Agency Contact:
Brenda Newth |  Associate Partner
Annex Level 2, 41 Shortland Street, Auckland 1010
Telephone: +64 9 362 0416  | Mobile: +64 21 655 534
www.senateshj.co.nz

Source: Fronde

 

 

 

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