Impact’s results for the nine months to 31 March 2017 are slightly weaker than the company forecasts, however are broadly on track to meet our full financial year expectations
Source: Company reports
- While Impact performed slightly below its forecast revenue and EBITDA, it remains on track to meet or come near to our forecasts of $276m revenue and $19.9m EBITDA for the full year to 30 June 2017
- EBITDA of $16.5m was slightly weaker than company expectations, due to delay in registration and subsequent settlement of Littleton Villas units, and delay in settlements of Villas on Eagle units
- Positively, unconditional property sales for the nine month period were 943 or 139 ahead of the company’s budget
- As at 31 March 2017, $199.7m of total contracted future revenue of the group – with conditional contracted revenue discounted by a 20% – has been secured, up from $192.9m as at 31 December 2016. Impact expects approximately $70m of this revenue will be earned in FY17, with the balance of $129.7m forecast to fall in FY18
- Total debt to total tangible assets was 47% as at 31 March 2017. Under the conditions of the notes, this is required to be a maximum of 45% by 30 June 2017. The company states it is on track to achieve this level
Investors can view the full results on the company’s website.