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Rubik sees revenue grow 5%

Rubik sees revenue grow 5%

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By elaina ·
February 29 2016

Rubik sees revenue grow 5%

Financial services software company Rubik Financial has reported a five per cent growth in revenue, coming in at $20.8 million for the six months ending 31 December 2015. 

Rubik sees revenue grow 5%
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In announcing its result for the half year period ended 31 December 2015, Rubik also indicated that its underlying EBITDA was up 17 percent to $2.6 million, from $2.2 million the year before.

Craig Coleman, Rubik chairman, said that Rubik's focus on integration and restructuring over the past 12 months was starting to yield benefits evident in our underlying results and outlook.

"Rubik has completed the restructuring and continues the rebuilding that was flagged this time last year and we expect that this foundation positions us well for profitable growth," he said.

"In addition to some important operational projects being completed, under the leadership of CEO Iain Dunstan, Rubik has significantly improved our customer focus across the company and recruited some key management talent."

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Wealth products contributed 48 per cent of total revenue, Banking products contributed 34 per cent and Mortgage products contributed 17 per cent of total revenue.

Rubik's reported net loss after tax for the half year was $2.2 million and primarily a result of depreciation and amortisation charges and one-off restructuring costs. These items were partially offset by the positive Underlying EBITDA result.

"These costs were necessary in order for the Group to increase operational and cost efficiencies, and provide greater ability to scale and to standardise application deployment. The benefits of these efforts are expected to commence in H2-FY2016 and provide approximately $2.0m in annualised benefits from FY2017," the ASX statement said.

Total restructuring program costs of $4.8 million was $0.2 million less than the $5.0m originally expected. Rubik does not expect further restructure costs to continue into H2-FY2016.

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