The utilities software company Gentrack has posted another full year loss, as Covid-19 dented sales and forced the writedown of its assets.
File image. Photo: 123rf
The company, which sells software to airports and utilities, reported a $31.7 million loss, compared with a $3.3m loss a year ago.
The result included a $34.5m write down in the value of its airport software and utilities businesses because of the economic uncertainty caused by the pandemic and the downturn in the aviation industry.
Its revenue for the year was down by 10 percent, as airport sales fell by a fifth.
Despite that, Gentrack's recurring revenue, which it generates from charging monthly subscription fees, grew by nearly a fifth.
Gentrack chief executive Gary Miles said: "The results reflect a tough year for our utilities and airports customers. Pleasingly, the revenue mix and shift in annual recurring revenues is positive".
Miles, who started the top job in October, said he saw opportunities for growth and the company's strong balance sheet meant it was well positioned for further investment.
The company reiterated earlier forecasts for the current year, with continued costs pressures and increasing competition.
The company is not paying a dividend.
