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Audinate Group Limited has selected an internal successor for CEO Lee Ellison, who informed about his intention to retire on 13 September 2019, following the release of the companyâs 2019 full year financial results.
In todayâs announcement to exchange, audio technology company Audinate Group Limited (ASX:AD8) announced that the companyâs current CTO and Co-founder, Aidan Williams will succeed Lee Ellison as CEO.
Commenting on the transition, Mr Ellison stated that he believes it is a right time for him to enter retirement and hand the Audinateâs leadership over to Aidan. He added that Aidan and the rest of the executive leadership team of Audinate, have built a close working relationship over many years, and therefore he is confident that Audinate will continue to thrive under his leadership.
Audinate is positioned as a defacto standard and most trusted brand in audio networking for the professional AV industry with additional video capability added to the companyâs product portfolio.
Mr Ellison added that âAudinate is in a great position to capitalise on its vision to Pioneer the Future of AV.â
To date, Mr Williams has been involved in the strategy side of the business, but now he sees his role as leading the Audinateâs team to unravel the value embedded in transforming the worldwide AV industry through software and networking.
There has been strong ongoing momentum in the companyâs growth, recorded by achieving the milestone of 2,000 Dante enabled OEM products available for sale, stated CEO-Elect Mr Williams.
Dante, Audinateâs core technology, distributes audio signals across computer networks. It comprises hardware and software system that resides inside the audio products of Audinateâs Original Equipment Manufacturers (OEM) products.
AD8 Dante AVIOTM Adapters (Source: Companyâs Website)
In 1HFY19, the company has recorded a 22% growth in Dante software units shipped to 88k and 36% OEM product growth to 1,751. Moreover, the company has established a global distribution channel of online retailers and country distributors, including 77 resellers in 45+ countries and growing in 1H19, up over 50% on 2H18.
The half-year recorded the strong repeat orders with 80% revenue coming from customers who have ordered more than twice. The company, however, utilised the growth in core gross margin to fund new product initiatives such as Dante Domain Manager and Dante AV (video).
Dante AV was launched in February 2019 at Integrated System Europe on the same business model, i.e. sale to equipment manufacturers (OEMs) and repeated revenue. It adds video signal distribution to Dante networking and holds a complete HDMI-over-IP product design, enabling rapid time to market.
AD8 stock price edged up 0.26% to last trade at $7.700 on 30 May 2019. The stock closed at a price to earnings multiple of 391.840x with a market capitalisation of $471.5 million. Over the past 12 months, the stock has delivered an overwhelming return of 120.69%, including a positive price change of 52.08% recorded in the past three months.
Also Read: Audinate Group Reported 40% Growth In Its Cash Collections For 3Q FY19
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