Veda Group Limited (‘Veda’) (ASX: VED) reported first half (Ending Dec 31st, 2013) revenues of $146.8 million, up 13.2% on the first half of FY2013. Operating EBITDA of $62.1 million was up 26% over the FY2013 result of $49.3 million.
Veda produced solid results for the first half of FY2014, consistent with its full year prospectus forecast. Reflecting the impact of IPO costs and Veda’s prior financing arrangements, Veda recorded a statutory loss after tax of $12.5 million.
When adjusted for the impact of the expenses associated with listing and the previous debt structure, Pro forma NPAT (calculated on a basis consistent with the Prospectus of 18 November, 2013) was $33.8 million and Pro forma EBITDA was $62.8 million. On the basis of its Pro Forma first half results and management’s assessment of the current outlook, Veda affirms the Pro Forma full year forecast for FY14.
Veda’s Chief Executive Officer, Nerida Caesar, said, “We are pleased to report a successful first half, with pro forma revenue, EBITDA and NPAT on track to achieve the full year prospectus forecast. We have maintained strong relationships with our customers and have continued our strategy of delivering new products to serve our customers better.
“Revenue growth of 13.2% was driven by strong performance in Veda’s Commercial Risk & Information Services and Consumer Risk & Identity business lines. Veda has continued to expand its industry sector focus, with success in utilities, legal and professional services and payday lending in the first half,” Ms Caesar said. “We also introduced a range of new products and services that help customers manage their risk more efficiently.”
Growth also came as a result of Veda’s integration of Corporate Scorecard, a business that augments Veda’s commercial risk products with more analytical products tailored for government and construction customers. Ms Caesar also noted: “We are well prepared for the commencement of Comprehensive Credit Reporting in March and the opportunities it will bring for our customers. ”
Source: Veda Earnings Release