Connxion expects swing to $1.8m FY11 profit
- 01 December, 2010 09:01
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.