​Bulletproof reports solid FY15 earnings outlook

Cloud services provider Bulletproof has announced that as it completes the integration of recently acquired Pantha Corp, the company expects solid results for the 2015 financial year.
Written by Aimee Chanthadavong, Contributor

Bulletproof expects that when it reports its 2015 full-year earnings later this year, there will be news of solid results.

In an update to the market, Bulletproof said it forecasts full-year revenue to be in excess of AU$28 million, with normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) to be around AU$4 million.

Late last year, Bulletproof signed a deal to acquire Pantha Corp for AU$3.9 million. While at the start of the year Bulletproof said the acquisition deal impacted its operating and investing cash flow, Pantha Corp has now been fully integrated into the business.

As a result of the acquisition, Bulletproof has been able to extend its specialist professional services offerings alongside managed services. This was reinforced when Bulletproof's half-year results showed that total revenue increased by 46.5 percent to AU$11.9 million, compared to the previous year's AU$8.1 million for the same period.

Bulletproof CEO Anthony Woodward said that while the company has not yet completed a formal audit for the financial year, it expects to be able to report positive results.

"We are pleased to have closed the year with record revenues, and have a reasonably clear line of sight for the full-year EBITDA result," he said.

"The company has delivered an excellent performance for the full financial year, and we are looking forward to carrying this momentum into FY16."

The company also expects the Performance B shares related to the FY15 earnings to result in a conversion to no more than approximately 13 million ordinary shares in favour of the vendors of Bulletproof Networks. The conversion is expected to take place following the release of the audited financials towards the end of August, and represents the final payment to the vendors of Bulletproof Networks, following the listing of the company through a reverse takeover of Spencer Resources in early 2014.

The company is also now one of several vendors that are part of the Australian Department of Finance's whole-of-government cloud services panel.

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