ASG Group on track for FY16
- 07 July, 2016 09:55
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.