Rubik on track for favourable half year results

Ahead of the release of its half yearly results on 25 February, Rubik Financial has said it expects considerable growth to stem from its banking and wealth segments.

Rubik on track for favourable half year results

tlewis

Last Updated: 09 February 2016 Published: 09 February 2016

In a statement, Rubik said its first half result is likely to be up by more than 20 per cent on the previous guidance of $2 million in underlying EBITDA.

Rubik chief executive Iain Dunstan said he is "pleased" at how the results are looking, particularly because the growth is coming from the business's banking and wealth arms.

"We have strong pipelines across the banking and wealth segments and expect to announce new contract wins in both of these areas in the near future," he said.

In addition to the results update, Rubik chief financial officer Darius Coveney announced that the company has renegotiated its debt facilities with Westpac. The renegotiation has extended the term of the current debt facilities to January 2019 on an interest-only basis.

Mr Coveney added that Rubik has signed an additional facility with Westpac. This will fund its recently expanded Temenos engagement to provide digital banking products to mid-tier authorised deposit-taking institutions.