Rhipe Limited (ASX: RHP) is a cloud and service provider. The company provides their services in Australia and New Zealand and has recently entered and trying to expand across South East Asia to meet both vendor and market demands. The company was incorporated in 2003 and got listed on ASX in March 2005.
On 21 August 2017, Rhipe Limited announced an on-market share repurchase scheme for 12 months, effective 6 September 2017. The company intended to buy back a maximum of 13,504,994 shares. The primary reason for the buyback was its capital management program. Shaw and Partners Limited were appointed as a broker by the company. As announced on 22 August 2018, the company decided to continue/renew share buyback scheme from 6 September 2018 to 5 September 2019.
On January 4, 2019, RHP announced its daily share buyback update for the previous day. Following are the details:
- On 3 January 2019, the company repurchased 16,200 shares making it a total of 5,074,619 shares brought back till date.
- The total consideration paid for the previous day’s buyback was $19,933, and the full consideration paid till date is $4,266,972.90.
- The highest price paid for the buyback was $1.24 and the lowest price paid was $1.2250 as of January 2013.
- The highest price paid for buyback till date is $1.26 and lowest price is $0.6100. The highest price was paid on 7 November 2018, and the lowest was on 26 September 2017.
- The remaining number of shares to be repurchased from the market is 11,806,220 and company will not exceed from it till further notice.
The details for daily share buyback update as announced on 3 January 2019 are as follows:
- On 2 January 2019, 16,120 shares were bought back making it a total of 5,058,419 shares which were brought back till the day before yesterday.
- The total consideration paid for the share for the day before yesterday’s buyback was $19,988.71, making it a total of $4,247,039.90 till date.
- The company got the highest price paid for buyback of $1.24 and the lowest price paid $1.23.
- The remaining number of shares/units to be bought back from the market was 11,822,420.
Financial Performance: The company recently released its annual financial results. The annual revenue of $196.61 million is reported, which represents an upside of 25.25% over the $156.97 million recorded in the corresponding period in 2017. The Company’s profit after tax for the year stood at $3.066 million in 2018, (which was $2.51 million last year). The diluted earnings per share for the year stood at 2.22 cents per share.
On Balance Sheet front, Net Assets has increased by 2.7% to $43.98 million in FY18 over the $42.81 million in the corresponding period in 2017. The company has maintained the cash and cash equivalents of $22.7 million.
Stock performance: In the last six months, the price of the company has shown a positive return of 11.50 percent as on 4 January 2019. On January 4, 2019, the company’s shares price has settled at A$1.260 per share. The market capitalization of the company stood at circa $173.37 Million.
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