Connxion expects swing to $1.8m FY11 profit

Data and transaction services company Connxion Ventures (ASX:CXN) expects a swing to a $1.8m profit, and a $4.3m ebitda, in FY11

Data and transaction services company Connxion Ventures (ASX:CXN) has forecast a swing to an FY11 profit of $1.8 million.

In a presentation to investors the company, which reported a loss of $4.8 million in FY10, said FY11 will be the the first full year of contribution from several recent acquisitions.

As a result of the contributions and planned organic growth, Connxion is also expecting a 239 per cent increase in ebitda to $4.3 million. In FY10, ebitda slumped 141 per cent to a $4.8 million loss.

Connxion had previously revealed it is expecting revenue of $38 million for the year, and maintained this target in its latest guidance.

The company's revenue grew 502 per cent year-on-year in Q1, and Connxion said it was on track to meet its targets for the second quarter.

The company added that a top priority for FY11 will be the establishment of a billing solution joint venture in China with partner GDS.

Connxion provides online, data, rewards and payments solutions to corporate clients. Operations include data processing and customer intelligence services.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags businessConnXion Ventures

Show Comments