GBST Holdings Limited (ASX:GBT) appointed Robert De Dominicis as Managing Director and Chief Executive Officer of the company with immediate effect.
GBST is a software company that provides online platforms for capital markets and wealth administration. It announced today that Mr. Robert has been appointed managing director and CEO with immediate effect. It also mentioned that Dr John Puttick who co-founded the company, has decided to retire from the board after serving 31 years as chairman of GBST.
According to Mr. John, Mr. De Dominicis was appointed after an extensive review of internal and external candidates from Australia and other countries. The new CEO co-founded the wealth management software provider InfoComp in 1988, which was acquired by GBST in 2007. As chief executive of the group’s wealth management business, he was responsible for driving its revenue from $22.8 million in FY2010 to $69.1 million in FY15, which included $50.1 million from international operations. Mr. De Dominicis has been appointed on a rolling annual contract with no fixed term.
Dr John Puttick commented on Mr. De Dominicis’ leadership: “Under Robert’s leadership, GBST’s wealth management business has made outstanding progress, trebling sales in five years and achieving tremendous growth in the UK. He is very well placed to propel GBST further as it grows into a truly global company. It is pleasing that the depth of talent within GBST has enabled the appointment of an internal candidate, demonstrating the strength of our management team.”
In the investor presentation that was published on 23rd October 2015, GBST reported that net profit at tax (NPAT) increased 52% during FY15. International operations have grown to 55% of the total sales revenue.
GBST underlined that it aims to generate long-term recurring revenue through project implementations and ongoing product enhancements. The company provided guidance for FY16, where it stated that EBITDA for 1HFY16 is expected to be between $7 million to $9 million compared to $12.3 million during pcp. GBST forecasts its 2HFY16 EBITDA to be between $12 million to $14 million, compared to $12.2 million during pcp. The 1HY16 guidance reflects temporary delays in major client projects and increase in costs to support expected growth.
GBT last traded at $4.0 as at 10:38 AM (AEDT) and is up approximately 6% for the year.
Author: Imran Valibhoy
Dec 15, 2015
Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.