Asset Vision Co Ltd · ASX:ASV
Asset Vision — H1 2019 Earnings Presentation
17 slides from Asset Vision's earnings presentation, Feb 27, 2019
Slide 1: Results Presentation
Results Presentation First Half – Financial Results 31 December 2018 www.pscgroup.com.au
Slide 2: Highlights
Highlights1 50 Revenue ($m) • Revenue of $40.8m up 42% on 1HFY18 ($28.8m) - • Underlying EBITDA of $3.1m up 46.1% on 1HFY18 ($2.1m) 1HFY18 2HFY18 1HFY19 • Queensland revenue ($3.4m) up 164% on 2HFY18 Underlying EBITDA ($m) ($1.3m) 5 • Defend + Secure business continues strong growth delivering 1HFY1
Slide 3: Our Framework
Our Framework UNIQUE SKILLS BACKED BY SHARED APPROACH • Maintained 4 key delivery pillars • Starting to see growth from our focus on improving the level of cross-sell of our 4 delivery pillars across all regions • Glass • Artisan/Coroma • Sacon • PS+C Security Bexton • Results in the Defend + Secure
Slide 4: 1H FY19 - Review of Financials
1. 1HFY19 – P&L 2. Normalisations and significant items 1H FY19 - Review of Financials 3. Balance Sheet 4. Cash flow www.pscgroup.com.au
Slide 5: Profit and Loss – Statutory Result
Profit and Loss – Statutory Result1 1HFY19 1HFY18 Mvmt • Revenue growth of 42% reflects Line Item ($'000) ($'000) (%) strong performance at a regional level Revenue 40,804 28,788 41.7% • Cross selling across the 4 pillars is Statutory NPAT -6,006 -383 delivering organic growth Statutory EBITDA 2,647
Slide 6: Normalisations and Significant Items
Normalisations and 1HFY19 Significant Items1 Line Item ($'000) Statutory EBITDA 2,647 Normalisations • Normalisations Transaction Costs 403 • Normalisations reflect a more stable operating environment Underlying EBITDA 3,050 • Significant Items within NPAT: • Goodwill impacted by larger allocation 1
Slide 7: Balance Sheet
Balance Sheet • Bank debt reduced by $1.1m (8.5% of total bank debt) to $11.8m 31 Dec 2018 30 Jun 2018 Line Item ($'000) ($'000) • Company undertaking a review of its current banking arrangements Cash & equivalents 17,486 22,365 Other Assets 87,291 102,881 • Reduction in deferred vendor consideratio
Slide 8: Cash Flow
Cash Flow • Significant improvement in cash 1HFY19 1HFY18 Key cash flow items ($) ($) flows from operations reflects strong focus on collection of Operations (before interest and tax) 433,099 (2,332,707) receivables Tax Refunded 197,979 267,309 Net Interest (481,112) (423,816) • Cash flows from inve
Slide 9: 1HFY19 - Operational Review
1. Regional growth a highlight 2. Defend + Secure – growth rolls on 3. Discovery + Insights – momentum 1HFY19 - Operational Review building 4. Design + Process – mixed bag 5. Delivery + Cloud – short term www.pscgroup.com.au softness
Slide 10: Regional Growth a Highlight
Regional Growth a Highlight Revenue by Region • The growth in our Queensland and ACT operations which came ACT on line in 2017 and 2018 respectively, has been a highlight in 1HFY19 • Further organic growth across these two regions is expected in NSW the 2HFY19 and will contribute to the Company achi
Slide 11: Defend + Secure – growth rolls on
Defend + Secure – growth rolls on • Key sales and delivery personnel added during FY18 is producing strong growth • Added 8 new consultants during 1HFY19 and continue to recruit aggressively • Extending the services being offered to clients to increase engagement duration • Increasingly being sought
Slide 12: Discovery + Insights - momentum building
Discovery + Insights - momentum building • The $1.75m the Company invested during FY2018 to establish Glass in Brisbane is paying off with revenue climbing to $3.4m in 1HFY19 from $1.3m in 2HFY18 • Glass moved from loss (2HFY18 EBITDA -$418k) to profit (1HFY19 EBITDA $396k) and now has more than 30
Slide 13: Design + Process – mixed bag
Design + Process – mixed bag • Design + Process is the largest business unit within PS+C with annual revenues exceeding $55m • 1HFY19 delivered revenue of $24m and EBITDA of $2.5m • The Salesforce Practice experienced several setbacks during the half impacting its performance with actual EBITDA runn
Slide 14: Delivery + Cloud – short term softness
Delivery + Cloud – short term softness • Migration to Cloud offering saw lower activity post a strong end to FY18 with a number of key projects ending early in 1HFY19 • Current impact on forecasted EBITDA for FY19 of $0.75m • Strengthened the business development team within the Migration to Cloud o
Slide 15: Summary & Outlook
Summary & Outlook www.pscgroup.com.au
Slide 16: Summary and Outlook
Summary and Outlook Growth lies ahead • 1HFY19 reflects a better structured and better managed business Cross sell increasing • Divestment of Allcom allows more focus on business with the Robust security right growth profile landscape Salesforce Practice • The acquisition of Artisan Consulting
Slide 17: Disclaimer
The material in this presentation is a summary of the results of PS&C Ltd (PS&C) for the half year ended 31 December 2018 as at the 27th February 2019 together with an update on PS&C’s activities, and is current at the date of preparation. Further details are provided in the Company’s half year acco