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Information technology company, The Citadel Group Limited (ASX:CGL) has released its half-year results for FY 2019. For the half-year period, the company has reported Software/SaaS revenue of $16.8 million which is 39.1% higher than the previous corresponding period (pcp), driven by the benefits from cross-selling to existing clients and the implementation of new solutions.
The company reported Group revenue of $49.1 million which was 5.5% higher than pcp. The companyâs EBITDA and NPAT of H1 FY19 was 3.2% and 5.4% higher than pcp, respectively.Â
The increase in the total revenue was driven by the Rollout of SaaS solutions to multiple clients. Further, the revenues were also driven by the benefits from cross-selling to existing clients and the implementation of new solutions.
While Commenting on the half-year results, the companyâs CEO Darren Stanley told that the company has delivered a record level of recurring revenues from highly scalable SaaS solutions. Further, the company increased its investment in SaaS platform development to drive further long-term sustainable growth. The companyâs Board declared a fully franked interim dividend of 4.8 cents per share with the ex-dividend date of 22 February 2019, the record date of 25 February 2019 and payment date of 29 March 2019.
While Commenting on Citadelâs outlook for the second half of FY19, Mr. Stanley told that the company is well positioned to increase its share of the rapidly growing market for SaaS solutions over the long term, a strategy called as âCitadel 2.0â. He further told that the company has a strong pedigree providing secure enterprise information management solutions, underpinning the company's successful pivot to SaaS in Australia and globally.
According to him, the company SaaS recurring revenue model will allow Citadel to grow and scale through shorter sales cycles, and it will also allow it to deliver larger numbers of new clients. As at 31 December 2018, the company had a cash position of $16 million reflecting the payment of total dividends of $5.7 million, repayment of loans of $2.6 million, and payment for Gruden acquisition of $1.2 million in December 2018, with $0.4 Mn payable in March 2019.
Now, let us have a quick look at Citadel Group Limitedâs stock performance and the return it has posted over the last few months. The stock traded at a price of $7.550 and down by 12.209% during the dayâs trade, with a market capitalization of ~$423.63 billion. The stock has provided a YTD return of 19.78% & also posted returns of 17.97%, -6.01% & 8.31% over the past six months, three & one-months period respectively. It had a 52-week high price of $9.30 and touched 52 weeks low of $5.91, with an average volume of ~84,902.
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