Highlights
- VGL delivered a strong performance in 2021 due to box office recovery in H2 of 2021.
- The Group expects 2022 revenue to be between NZ$118 million and NZ$123 million.
Technology solutions provider to the global film industry, Vista Group International Limited (NZX:VGL; ASX:VGL) delivered strong operating results for 2021 in its annual results announcement on Tuesday.
The Group registered a 12% rise in revenue (within VGL’s guidance range) with a strong reversal in EBITDA —from a loss of NZ$11 million in 2020 to a profit of NZ$7 million in 2021.
VGL’s recurring revenue rose 24% to NZ$81 million, showing the strength of the maintenance and SaaS revenue streams of the Group. VGL’s operating cash flow rose 277% to NZ$11 million in 2021.
Image: © Wisconsinart | Megapixl.com
Cinemas stayed open with limited capacity until the majority of H1 of 2021. Cinemas began opening in April/May and have remained accessible even during the emergence of Omicron. Spider-Man: No Way Home surpassed box office records. It was the 6th biggest movie of all time and 3rd most prominent in the US domestic market. The movie grossed over NZ$100 million in IMAX theatres.
VGL also showed good progress with Vista Cloud and Vista Digital.
On 1 March, at the time of writing, VGL was trading at NZ$2, up 1.52%.
Outlook
VGL expects 2022 revenue to be between NZ$118 million and NZ$123 million, assuming a continued recovery in cinema in 2022 and box office staying open.
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