SAI’s RESILIENT BUSINESSES POISED FOR STRONG GROWTH IN FY09
Sydney, Australia, 15 August 2008. SAI Global Limited (ASX: SAI) today announced a net profit after tax, before the impact of non-recurring charges, of $19.8M, representing an increase of 4.9% over last year’s result of $18.8M.
Notwithstanding the adverse impact of the strengthening Australian dollar, revenue increased by 14.4% to $243.4M. Revenue growth was 19.2% on a constant currency basis. Underlying EBITDA increased to $50.2M, up 16.2% from $43.2M achieved last year. On a constant currency basis, underlying EBITDA growth was 18.6%. This uplift was accompanied by an increase in the underlying EBITDA margin to 20.6%, up from 20.3% in FY07.
Non-recurring charges of $4.5M after tax, which reduced reported net profit to $15.3M, have delivered annualised savings of $6.4M after tax across the group.
KEY PERFORMANCE INDICATORS
| Revenue (excluding interest income) |
$243.4M |
Up 14.4% (19.2% on a constant currency basis) |
| EBITDA, before non-recurring charges |
$50.2M |
Up 16.2% (18.6% on a constant currency basis) |
| Net profit after tax, before nonrecurring charges |
$19.8M |
Up 4.9% |
| Net profit after tax, after nonrecurring charges |
$15.3M |
Down 18.9% |
| EPS, before non-recurring charges |
13.7 cents |
Up 4.6% |
| EPS, after non-recurring charges |
10.6 cents |
Down 19.1% |
| Final dividend |
5.8 cents, 100% franked |
Unchanged, (FY07 - 85% franked) |
| Net operating cash inflow before non-recurring charges |
$29.0M |
Up 6.2% |
The directors have declared a final dividend of 5.8 cents per share, bringing the total dividend for the year to 11 cents. This is in line with last year’s dividend and reflects the directors’ confidence that the underlying businesses will deliver strong earnings per share growth in FY09. The final dividend is fully franked.
Restructuring of the Group has resulted in the company incurring significant non-recurring charges of A$4.5M (net of tax). This contributed to the much stronger trading result in the second half in which EBITDA of $29.7M was achieved (before the impact of non-recurring charges) at a margin of 22.8%, compared with $20.5M at a margin of 18.1% in the first half.