Story image

Kordia half year after-tax profit soars 5683%

01 Mar 16

Kordia has more than doubled its forecast half year after tax profit to $5.8 million, on revenue of $124 million.

The Kiwi telecommunications, information security and media company says it has also reduced its debt by more than half during the period, with group debt plummeting from $12.5 million to $5.8 million.

The company saw a 2% increase in revenue over the same period a year ago, while earning before interest, tax, depreciation and amortisation was up 41% to $19.1 million.

However, it was the company’s profit after tax which soared the most – up 5683% year on year, from last year’s $100,000.

Kordia had forecast net profit after tax of $2.4 million.

The results come in a half year which also saw the company purchasing Aura Information Security for $10 million.

That deal ‘significantly strengthens’ Kordia New Zealand’s positioning in the cybersecurity market, the company says.

“There is unprecedented demand for services in this sector and early Aura InfoSec trading has been encouraging,” Kordia says.

“Overall, the New Zealand business has again performed well and is tracking ahead of its targets.”

The company says Kordia Australia also made a strong contribution to the result with the conclusion of the company’s biggest ever design and build contract.

One Identity a Visionary in Magic Quad for PAM
One Identity was recognised in the Gartner Magic Quadrant for Privileged Access Management for completeness of vision and ability to execute.
Accenture 'largest Oracle Cloud integrator in A/NZ'
Accenture has bought out Oracle Software-as-a-Service provider PrimeQ, which now makes Accenture the largest Oracle Cloud systems integrator in Australia and New Zealand.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
How to keep network infrastructure secure and available
Two OVH executives have weighed in on how network infrastructure and the challenges in that space will be evolving in the coming year.
White box losing out to brands in 100 GE switching market
H3C, Cisco and Huawei have all gained share in the growing competition in the data centre switching market.
Gartner names newcomer Exabeam a leader in SIEM
The vendor landscape for SIEM is evolving, with recent entrants bringing technologies optimised for analytics use cases.
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
Genesys PureCloud generates triple-digit revenue growth year on year
In Australia and New Zealand, the company boosted PureCloud revenue by nearly 100%.