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Bulletproof Delivers Record Revenue Growth for FY16

Bulletproof Delivers Record Revenue Growth for FY16
Operating cash flow reached $5.1 million for the financial year, almost 50 per cent above last year’s result.
Aug 24, 2016 By Simon Herrmann Tags: BPF, Earnings

Cloud service provider Bulletproof Group Limited (ASX:BPF) announced record revenue growth for FY16 with full year revenues jumping 69 per cent to $47.2 million. The company has over 750 customers in the portfolio after winning high profile customers including Xero, Adairs and Genwroth.

Organic Growth and Acquisitions Boost Result

Bulletproof experienced another year of strong organic growth with 31 per cent of revenue growth being organic in nature. Underlying EBITDA rose 13 per cent on-year to $4.7 million while underlying NPAT soared 51 per cent to $0.8 million. The underlying results exclude acquisitions costs or financial liabilities re-valuations.

Operating cash flow reached $5.1 million for the financial year, almost 50 per cent above last year’s result.

During the financial year Bulletproof integrated the professional services acquisition and completed the acquisition of Infoplex and Cloud House. Management expects Infoplex to contribute over $8 million in FY17, while most existing customer contracts have been renewed for a further 2-3 years.

Bulletproof Chief Executive Officer, Anthony Woodward is pleased with the record year as it reaffirms the company’s strategy and delivers “growth, product superiority and service excellence from a commanding, market-leading position.”

Outlook: Bulletproof Well Positioned as Market Leader

Bulletproof expects to generate revenue in excess of $60 million, which would be a 30 per cent increase on FY16, while underlying EBIT is expected to be $1.5 million.

Commenting on the outlook, Anthony Woodward said: “As e consolidate our acquired assets and drive margins from the wider business, we expect to see better profitability growth into future periods. We believe Bulletproof remains well positioned as the market leader for future growth.”

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Simon Herrmann Author: Simon Herrmann Aug 24, 2016

Simon is a financial analyst at independent research firm Wise-owl specialised in small-mid cap growth opportunities and ethical investment opportunities. Simon's aim is to disrupt the cliché approach to investment decision making as he believes that socially and environmentally responsible behaviour is a necessity to long-term wealth creation. Simon has a deep fundamental understanding of the global financial landscape and has compiled 300+ research reports, valuations and corporate appraisals. Simon is commonly featured in major media outlets and his research is published weekly in The Australian.

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