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Articles by Russell Baskerville
Empired flags modest revenue
IT services provider Empired has flagged modest results for the first half of the financial year due to a drop in public sector revenue in New Zealand. The Perth-based company released a trading update to the ASX today that said earnings before income taxes, depreciation and amortisation was expected to be between $7 million and $7.3 million.
East coast operations drive Empired's earnings
Local IT firm Empired has grown its revenue for the 2017 financial year on the back of a surge in earnings from its operations on the east coast and in New Zealand. Empired achieved revenue of $168 million for FY17, up 5 per cent on its FY16 result, with earnings before interest, tax, depreciation and amortisation up 105 per cent to $15.4 million.
Empired raises $16m
IT services provider Empired has tapped investors for $16 million to pay off debt and meet $7.7 million in outstanding vendor payments. Perth-based Empired raised the funds through the placement of 36.3 million shares at 44 cents each, representing a 6 per cent discount to the company’s five-day volume-weighted average price. The proceeds will be used to reduce Empired’s net debt, fund $7.7 million in vendor payments between May and July, and for working capital.
Empired wins GovNext work
One of the three prime contractors undertaking the state government’s GovNext ICT infrastructure project has recruited Perth-based IT services provider Empired as a subcontractor under a $15 million deal. Empired will assist NEC Australia in supplying cloud-based ICT infrastructure as a service to the government over an initial five years, with Empired’s contract coming attached with a further 5-year option.
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