Mainstream Group Holdings Ltd (ASX:MAI) on Tuesday reported first half EBITDA of $3 million, a 70% increase over the same period a year earlier.
Mainstream Group Holdings Ltd posted revenue of $19 million in the period. This was 45% higher than the same period last year. The company announced a fully franked interim dividend of 0.5 cents per share.
Mainstream Group Holdings Limited provides fund and superannuation administration services underpinned by investment in people, processes and technology.
Commenting on the results, Mainstream Chief Executive Officer Martin Smith said “Mainstream has delivered against each of the targets we set for HY18. We delivered meaningful growth in revenue and EBITDA, which were up 45% and 70% respectively.
The company confirmed it is on track to deliver revenue of approximately $40 million to $42 million and EBITDA of approximately $6 million to $7 million for FY18, representing significant respective increases of up to approximately 43% and 63% on FY17.
“The outlook for Mainstream is very positive and we have entered HY18 with significant momentum. Our increased profitability is expected to continue to be driven by inflows into existing funds, new product launches, the full year impact of completed acquisitions and continued investment in technology and automation of our processes. We have a strong pipeline for the remainder of FY18 including several opportunities to deploy our trademark ‘lift and shift’ outsourcing process.” said Mr
Smith.
The Mainstream Group share price has fallen 6.67% since the beginning of the year, while the S&P/ASX 200 Index has fallen roughly 2.02%. The Mainstream Group Holdings share price trades at $0.56, a gain of 3.70% in the last 12 months.
