Invigor losses deepen as German software subsidiary gets sold off

Invigor losses deepen as German software subsidiary gets sold off

Total impairment for the year totals $6.95 million

Sydney-headquartered big data software vendor, Invigor (ASX:IVO), has posted a net loss after tax (NPAT) of $13.1 million for its full year ended 31 December 2017.

The latest full-year tally represents a 94 per cent decline in profit and follows a negative half year result of $8.5 :24:00million in NPAT loss.

When Invigor published its half yearly results in August 2017, it explained that the $8.5 million loss in NPAT followed impairment charges amounting to more than $6 million.

A $500,000 impairment charge in the second half brought the total impairment to $6.95 million

Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 20 per cent but with the company still posting a loss of $3.3 million.

Total revenue for the year saw a 1.2 per cent increase to $8.6 million, compared to 2016’s $8.5 million.

In  December  2017, Invigor  completed  a $2.2 million  capital  raising,  and  a  further  $650,000  raise subsequent  to  year-end.  This  has  allowed  the  company  to repay  some  debts  and  deliver  greater financial flexibility, it told shareholders on 28 February.

The sale of the Media division of Condat, announced on 27 February, is expected to help the company enable the reduction of approximately  $3.6 million in debt.

Invigor signed a binding sale agreement of around $3.75 million to sell its Berlin-based software solutions business, Condat AG, to German IT conglomerate, HFC Group.

Invigor said it has set up a new Australian company named TillerStack to acquire and house Condat’s workforce management division, Skyware.

The sell-off of Invigor’s Condat business came almost a year after the company reported a net loss after tax of $6.77 million for the year ending 31 December 2016, effectively doubling the loss it reported for the year ending 31 December 2015.

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