- Release Date: 28/08/15 08:32
- Summary: HALFYR: VGL: VGL - Half Year Interim Report
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VGL 28/08/2015 08:32 HALFYR PRICE SENSITIVE REL: 0832 HRS Vista Group International Limited HALFYR: VGL: VGL - Half Year Interim Report Market Announcement 28th August 2015, Vista Group International Ltd, Auckland, New Zealand Vista Group - solid first half trading and well positioned for continued growth Highlights o Revenue up $10.0m (56%) on 2014 at $27.3m o Forecast to meet PFI revenue with a strong second half expected o EBITDA up $2.5m (100% ) on 2014 at $5.0m o Operating cash flow strong at +$7.4m o Progress with commercialisation of Movio Media and the customer expansion of the base Movio cinema analytics platform o MACCS secured the contract for Warner Brothers in the USA o Investments to promote growth have been concluded with additional active opportunities being pursued. Vista Group (NZSX: VGL, ASX: VGI) has today announced its half year results for the 6 months to 30 June 2015. Overall, performance is well up on the 2014 half year. An expected strong second half, based on a solid revenue pipeline, will see the business achieve its 2015 full year PFI revenue targets. Divisional overview Vista Entertainment Solutions' had a solid performance. Site numbers increased by over 200 against the full year forecast of just over 500. Maintenance and recurring revenues were strong and the sales pipeline for the 2nd half of 2015 indicates that forecasts will be exceeded. The integration of Ticketsoft and the benefits of the new distribution agreements in France and Japan provide additional growth opportunities. Veezi reached 250 installed sites by 30 June. Revenue is tracking well and should exceed the 2015 PFI forecasts by year end. Opportunities to expand other markets, especially France, China and India are well advanced. Movio has added new customers for its core cinema analytics product and a key focus has been the release and commercialisation of its Movio Media platform. This has taken a little longer to achieve than anticipated however the recent signing of NCM and the marketing campaigns run by several major film studios in the USA has it strategically well placed to achieve its future growth objectives. The core business for MACCS performed to expectation. The signing of the contract with Warner Brothers in the USA was the key highlight. While this was achieved later in the period than expected the outlook for MACCS going forward is strong. Financial overview Vista Group's trading performance in the first half of 2015 represented a significant increase from 2014 which represented both the enlarged nature of Vista Group post the August 2014 IPO and the improved performance of the operating businesses. The financial position of Vista Group remains strong and with cash reserves at $29.4m it is well placed to take advantage of strategic opportunities that have been identified and are being actively pursued. The result for the 2015 half year includes a restatement of the treatment of the deferred consideration on the acquisition of Virtual Concepts Limited. Previously this was recognised as a liability at the time of the acquisition but after review of NZ IFRS 3 it has been determined that it must be recognised as an employee cost over the earn out period. This has resulted in a restatement of the opening balance at 31 December 2014 and the recognition in these financial accounts of the expense accrual required by NZ IFRS 3. Outlook The existing businesses within Vista Group are strategically well placed in each of their markets and the sales pipeline for each of them looks strong for both the second half of 2015 and the 2016 year. Vista Group is also looking at additional investments and opportunities to grow core revenue and achieve new market entries and a number of specific strategic opportunities have been identified and are being actively pursued. Contact: Brian J Cadzow Director - Finance and Legal Email - [email protected] Phone - +64 9 984 4570 End CA:00269223 For:VGL Type:HALFYR Time:2015-08-28 08:32:09
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