- Strong quarter with revenues up 21% to $33.7M
- Major movements include the Saunders & Pitt acquisition
- End quarter cash balances $2.7M
Acumentis Group Limited (ASX: ACU) welcomed a 21% increase in revenues (YTD compared to the corresponding 9 month period) in the latest quarterly report, an overall positive quarter for the company which included the acquisition of Tasmanian valuations company Saunders & Pitt.
The company counted its fifth consecutive quarter of a positive EBITDA as an achievement, end of quarter cash balances came in at $2.7 million.
Overall, Acumentis business activities “remained unchanged during the quarter to March 2021”. Improvements to mortgage valuation activity had a “particularly strong offset by a slight softening of volumes from Government”.
The quarter also saw revenues rise substantially from the last corresponding period, previously $26.5 million, now $33.7 million.
ACU also saw continued strength in revenue trends, even after excluding JobKeeper grants, sundry income and share of associates profits.
Strong growth was found particularly in the regions, said Acumentis. The company saw appointments to several additional mortgage valuation panels in metropolitan centres in New South Wales and Victoria.
The company also said they expect a strong finish to the financial year.
“The Company expects a strong final quarter from Government revenues in line with prior years and following two subdued quarters. In the previous two years, ACU has achieved an increase in the final quarter of each year.”
In other details, the company noted cash utilised by operations for the quarter was $312,000, and $650,000 of corporate debt was repaid in the December quarter. Another $650,000 will be repaid this month.