Adacel Technologies Limited (ASX:ADA) on Thursday reported a first half NPAT tax of $3.47 million, down 7.4% from the same period a year earlier.
Adacel posted revenue of $25.6 million in the period. This was 28.4% higher than the same period last year. The company announced an interim dividend of 2 cents per share, an increase of 14.3%.
The Adacel Technologies Limited share price has jumped 5.13% on the back of the report, trading at $2.46 in early Friday morning trade.
Adacel Technologies Limited is engaged in developing simulation and control systems for aviation and defense. The Company’s principal activities include air traffic management and air traffic control simulation and software applications and services in the global civil and military aerospace sector.
Commenting on the results for the half year, Chairman Peter Landos said: “The Board is satisfied with the performance in the first half, and believes that the Company is well positioned for a stronger second half with an anticipated improved earnings result for FY2018.”
Outlook
The Adacel Board anticipates a stronger second half in FY2018, and is targeting profit before tax of approximately 35% above 2017.
Chief Executive Officer, Gary Pearson, said: “Following completion of the first half, we are on track for a stronger second half and improved earnings result in FY2018. Our confidence in this performance outlook is underpinned by the commencement of a number of both new system installations and systems upgrade programs during the first half, as well as the anticipated commencement of further new programs in the second half.”
The Adacel Technologies Limited share price has fallen 1.99% since the beginning of the year, while the S&P/ASX 200 Index has fallen roughly 1.50%. The Adacel share price has gained 8.36% in the last 12 months.
