NEWS

Results for first half to 30 September 2016

NPAT before amortisation and nontrading items $17.9 million, up 36%

Statutory profit $3.7 million

Interim dividend 3.5 cps, fully franked

Full year guidance of c. $100 million EBITDA before nontrading items maintained

Programmed (ASX:PRG), which provides staffing, maintenance and facility management services, today announced an after‐tax profit of $17.9 million before amortisation and non‐trading items for the six months to 30 September 2016 (1H FY16: $13.2 million). After amortisation and non‐trading items, the company’s after‐tax profit was $3.7 million (1H FY16: after‐tax loss of $18.7 million).

Earnings before interest, tax, depreciation, amortisation (EBITDA) and non‐trading items were $43.4 million, 71% above 1H FY16 ($25.3 million). Amortisation and non‐trading items totalled $14.2 million. These were $5.3 million for the non‐cash amortisation of identifiable intangibles; $14.4 million related to the Skilled integration, restructuring and other expenses; $0.3 million representing a share of an associate’s net loss; and a tax credit of $5.8 million related to these items.

Group revenue, at $1,338 million, was up 88% (1H FY16: $710 million), due to the acquisition of Skilled completed on 16 October 2015.

Read the full release here.