A software and technology company, The Citadel Group Limited (ASX: CGL) updated about securing two contracts, which demonstrated the ongoing commercialisation of CGL’s IP throughout the company’s main verticals which concentrate on scalable solutions.
Royal Adelaide Hospital (RAH) was inaugurated in 2017, and CGL had contributed by designing and installing collaborative technology in it. CGL along with the Spotless Group had been handling hospital’s software and hardware infrastructure. On 20 March 2019, the company announced to the market about inking a ten-year and $33 million managed services contract with Spotless Group to offer support, maintenance and technology refresh services to the RAH.
On securing of the contract, Mr Darren Stanley, CEO, CGL stated that the company was happy to have been selected by the Spotless Group to offer content and collaboration technology services to RAH for the upcoming ten years duration.
CGL secured another contract from the University of Melbourne where the company is supposed to install 13 Proof of Concept facilities for wide end-user testing purpose. After the company would conclude the installation of 13 POC facilities, the University of Melbourne is looking forward to the signing of the 5-year managed services contract with CGL.
Expressing his views on securing of this contract, Mr Darren Stanley commented that the company’s repute in the tertiary sector is witnessing an ongoing growth, with 6 leading universities utilising its services of technology solutions. The gain of this contract with the University of Melbourne would additionally reflect its ability to develop a unique Australian-sourced technology solution and scale it out to several big clients.
The company also notified the market on 20 March 2019 about its CHARM oncology information management platform, which went live at the John Hunter Children’s Hospital. The CHARM platform has been prescribing and administering chemotherapy to the hospital’s paediatric patients. This development on CHARM’s front showcases CGL’s innovation, and CHARM’s ability to handle the complexities of paediatric chemotherapy prescribing and administration.
Mr Stephen Lynch, CGL’s GM Health said that it was an incredible outcome for patients in the Australian region, in support of CGL’s overarching determination of keeping both the people and information secure.
In its recently released half-year report ending 31 December 2018, the company reflected a consistent, robust performance, which was reinforced by accelerated growth in Software-as-a-Service solutions. The group’s revenue rose by 5.5% to $49.1 million, as SaaS solutions were rolled out to numerous clients. EBITDA rose by 3.2% to $13.2 million, and NPAT from continuing operations rose by 5.4% to $6.7 million. The company declared a fully franked interim dividend of 4.8 cents per share, in accordance with the earlier first-half results. The interim dividend had an ex-dividend date of 22 February 2019, with the record date of 25 February 2019. The payment due date was mentioned as 29 March 2019.
On 4 January 2019, the company updated the market about the release of 2,714 fully paid ordinary shares on 18 January 2019, which was held under voluntary escrow.
The company’s stock, by the closure of the trading session, stood at A$7.830 (as on 20 March 2019), up by 1.556% from its previous close. Its market capitalization stands at A$379.79 million, with approximately 49.26 million shares outstanding.
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