Vita Group delivers "record" revenues

Vita Group delivers "record" revenues

Invested $6.7 million in acquisitions

Maxine Horne (Vita Group)

Maxine Horne (Vita Group)

Credit: Vita Group

Vita Group has posted revenues of $377 million for the first half of the 2019 financial year.

The Australian Securities Exchange (ASX)-listed company attributed the 14 per cent increase to its ICT channels, driven by the retail business.

Specifically, Vita Group said the "record" revenues were the result of strong contribution from devices, connectivity and accessory categories.

Net profit after tax (NPAT) increased on prior year by 26 per cent to $14.1 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $25 million, 25 per cent higher than the previous corresponding period. EBTIDA "comfortably exceeded" Vita's October 2018 guidance range of $23 million to $24.5 million.

The company has invested $6.7 million in acquisitions, fit-outs and technology solutions across Vita’s ICT and non-invasive medical aesthetics (NIMA) businesses.

The company told shareholders the transition to the new operating model of the ICT business progressed well.

The new model will see Vita operate larger format Telstra Business Technology Centres across four significantly expanded geographic territories, delivering a broader range of ICT products and services to larger, higher value customers, and with a lower cost to serve.

“We are really pleased to deliver such a strong performance, despite tough conditions in the ICT industry," said Vita Group CEO Maxine Horne.

"Our long-term strategic partnership with Telstra remains strong and we will continue to invest in our retail and business channels and enjoy continued profitability and cash flow from this part of our business.

"We have made considerable progress in executing our five-year strategy, which is underpinned by our approach to consultative selling, delivering exceptional customer experiences, driving productivity, and controlling costs. As always, our success comes down to our people who continue to out-service, out-execute and out-perform.

“We are achieving strong momentum across the business and are well positioned for the future,” she added.

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