Anittel’s (ASX:AYG) market turnaround seems to be right on track, with the company reporting its first positive earnings before tax (EBITDA) of $152,000 for its half year.
The company still reported a net loss after tax of $841,000, but that in itself is a far better result than the corresponding period last year, where it made a loss of $13.5 million.
The company reported via the ASX reduced operating costs of $11.3 million, down ten per cent from $12.5 million, and a big uptick of cash in the bank – up $1 million to $3.6 million.
Also positive for the company is that it saw a ten per cent increase in recurring revenue to $9.7 million, meaning 31 per cent of total revenue is now recurring.
In the statement to the ASX, Anittel expects a small growth of revenue for the full-year financial results, and a positive EBITDA outcome.