- Release Date: 29/01/16 14:57
- Summary: FORECAST: RAK: Rakon Update on FY2016 Earnings Guidance
- Price Sensitive: No
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RAK 29/01/2016 14:57 FORECAST PRICE SENSITIVE REL: 1457 HRS Rakon Limited FORECAST: RAK: Rakon Update on FY2016 Earnings Guidance 29 JANUARY 2016 RAKON LIMITED (NZX: RAK) UPDATE ON FY2016 EARNINGS GUIDANCE Rakon Limited ("Rakon" or "the Company") expects to report Underlying EBITDA of between NZ$9.0 million and NZ$10.0 million for FY2016. This compares with the previous forecast of NZ$15.4 million, provided at Rakon's interim results presentation last November. Despite the 46% increase in first half Underlying EBITDA, the Company noted at the time that major network operators have been reducing spending on equipment in favour of investment in 5G bandwidth and M&A activities. Previously, it was expected that investment in infrastructure would resume in the second half of the current financial year; however, latest forecasts from the market now indicate this is likely to be further delayed. Rakon CEO Brent Robinson said he is very disappointed with the impact this delay will have on Rakon this financial year but remains confident that the continued growth in data usage and internet connectivity will force network operators to upgrade their infrastructure in order to maintain network service levels and market share. Mr Robinson said Rakon was continuing to improve its operational efficiencies and develop new products for customers across a range of industries, as well as exploring how it can take advantage of new trends such as the rapid growth in Machine to Machine (M2M) communications. "The potential of the Internet of Things to create new products and services provides opportunities for a company with our technological expertise and proven product development ability," Mr Robinson said. "We expect to be able to provide a further update of our plans in this area during the first quarter of the year," Mr Robinson said. Brent Robinson Chief Executive Officer -ends- Enquiries: Simon Bosley (CFO) 027 898 7899 www.rakon.com About Rakon Rakon is a global high technology company and a world leader in its field. The company designs and manufactures advanced frequency control and timing solutions for telecommunications, global positioning and space and defence applications. Rakon products are found at the forefront of communications where speed and reliability are paramount. The company's products create extremely accurate electric signals which are used to generate radio waves and synchronise time in the most demanding communication applications. Rakon has five manufacturing plants including two joint venture plants and has five research and development centres. Customer support centres are located in ten offices worldwide. Rakon is a public company listed on the New Zealand stock exchange, NZSX, ticker code RAK. End CA:00277009 For:RAK Type:FORECAST Time:2016-01-29 14:57:33
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Ann: FORECAST: RAK: Rakon Update on FY2016 Earnings Guidance
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