ASG Group on track for FY16

ASG Group on track for FY16

Expects FY16 revenue to be between $185 to $190 million

ASG chief executive Geoff Lewis.

ASG chief executive Geoff Lewis.

IT services provider, ASG Group (ASX:ASZ), expects revenue for FY16 to reach between $185 to $190 million and EBITDA margin to reach 14 per cent above forecast.

Net debt will be less than $3 million, compared to the forecast of $5 million.

ASG CEO, Geoff Lewis, said the strong performance underlined both the stability and predictability of revenue and earnings.

“Our business is based around long-term, stable contracts and a reliable, sustainable revenue model that allows us to look forward to FY17 and beyond with confidence and a high degree of certainty,” Lewis said.

Total capital expenditure for the year was about $8 million, which is less than depreciation and amortisation.

It also achieved a lower than forecast net debt level despite a share buyback program that saw ASG outlay $5 million in the year.

The company will submit its full audited financial results on August 17.

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