Group Revenue of $48.5m for the 9 months to 31 March 2021, up 48.2% on pcp[1]
Group Gross Margin of 52% compared to 49% in pcp
Group EBITDA of $13.1m, up 138.3% on pcp
Group EBITDA margin of 27% compared to 17% in pcp
Strong financial position with consolidated net cash of $11.7m cash and no debt
Q3 FY2021 affected by COVID-19 and weaker US dollar, partly offset by provision of innovative customer solutions, highlighting Ava Group’s diverse geographic footprint and product portfolio
FY2021 Guidance: Group Revenue of $60-64m and Group EBITDA of $13-15m[2] (FY2020: Group Revenue of $46.1m and Group EBITDA of $7.4m).
NB: All figures compare 9 months to 31 March unless otherwise indicated; unaudited financial information (A$m)
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “the Company”) today provides a trading update for the nine months to 31 March 2021 and FY2021 guidance. Ava Group is a global leader in risk management services and technologies through Future Fibre Technologies (FFT) and BQT Solutions (BQT) and a provider of international secure logistics services via Ava Global Logistics.
Ava Group CEO Rob Broomfield said: “Despite the challenges associated with COVID-19, Ava Group has continued to deliver solid financial results for the nine months to 31 March 2021 highlighting the merits of our diversified business model and world-leading product portfolio. This has allowed us to adapt to rapidly changing circumstances to deliver innovative solutions and effectively manage costs. The strong performance of the Services Division illustrates its growing reputation for excellence and the highly scalable nature of its operations.
During the March quarter, the Technology Division was impacted by ongoing international travel restrictions resulting in delays to a number of major security-related contracts. However, we have a strong pipeline of growth opportunities and are well positioned to take advantage of pent-up demand for our products and services, as vaccination programs are rolled out, and travel returns. Building on the significant milestones achieved this year, we are excited about the FY2022 outlook and the opportunities to provide our customers with the most advanced and affordable security and risk management solutions.”
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “the Company”) today provides its quarterly cash flow and activities summary for the period ended 31 March 2021. Ava Group is a global leader in risk management services and technologies through its Future Fibre Technologies (FFT) and BQT Solutions (BQT) divisions and a provider of international secure logistics services via Ava Global.
Ava Group CEO Rob Broomfield said: “Ava Group’s capital light operating model and strategies for delivering positive operating cashflow and EBITDA have resulted in another period of strong growth. Despite the uncertainty caused by COVID-19 in some markets, we have continued to provide our customers with world-leading technologies that ensure the protection and delivery of critical assets. In India, the rollout of our contract with the Ministry of Defence remains on track generating interest from other government agencies and highlighting the merits of our partner model.
We are also excited by the success of our “Proof of Value” trials for our innovative Aura IQ conveyor health monitoring solution which enhances mining safety and performance and represents an important opportunity for future growth. We continue to focus on developing our new multi-year comprehensive maintenance offering, leveraging cross-business opportunities via our strong customer relationships. The Services division continues to perform well growing its share of customer spend and winning new clients as it demonstrates the adaptability of our customer offering in rapidly changing circumstances.”
FFT Aura Ai-2 has been selected to protect the perimeter of a high security government facility located in North America.
Comprising both anti-ram palisade and high security chain fence, Aura Ai-2 is the perfect solution to protect this mixed medium perimeter and will be configured to provide a high level of discrimination and full cut resilience across the two different fence types.
According to the customer: Future Fibre Technologies brings the best of breed solution to the market and Ai-2 was specifically chosen because FFT has the most experience with perimeter sensing and locating technology. We compared a number of solutions and Aura Ai-2 was the best out of them all.
Congratulations to our US Sales Team on securing this recent contract win.
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “Company”) is pleased to announce that its world leading Aura Ai sensing solution has been selected to be deployed for a multi-site program to upgrade security at certain major rail facilities in South America:
Security upgrade program with total award value of more than US$1.40 million (A$1.84 million).
Multiple Aura Ai-2 systems will be fully integrated with the customer’s existing video management software and CCTV system.
First purchase order received exceeding US$0.47million (A$0.61 million).
Initial deployment at first sites in early Q4 FY2021 with the balance of sites expected for deployment before the end of Q4 FY2021.
Ava Group CEO, Rob Broomfield said, “FFT Aura Ai-2 was the solution selected, to protect the rail sites, due to our exceptional event classification capability, extended sensing distance, and cut resilience capability. A further key factor in the contract win was FFT’s previous success in protecting railway infrastructure and the company’s strong reputation across the broader transportation sector.”
Approved for release for and on behalf of the Board of Directors by:
Leigh Davis Company Secretary
About Ava Group The Ava Group, comprising world leading technology divisions Future Fibre Technologies (FFT) and BQT Solutions (BQT), and international secure logistics services division Ava Global, is a market leader in the provision of risk management services and technologies, trusted by some of the most security conscious commercial, industrial, military and government clients in the world.
The Group features a range of complementary solutions including intrusion detection for perimeters, pipelines and data networks, biometric and card access control as well as the secure international logistics and storage of high value assets. Through decades of innovation, the Ava Group continues to build upon a comprehensive portfolio of premium services and technologies for the most complex and demanding markets.
Our business truly serves a global market, with our knowledgeable team spread across six continents, providing market and industry expertise directly to customers. With thousands of sites protected, the Ava Group is proven to deliver first class services and technologies that surpass the expectations of our partners and end users.
Note 1 Forward Looking Statements Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.
All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.
All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.
To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.
The directors present their report together with the condensed financial report of the consolidated entity consisting of Ava Risk Group Limited (the Company) and its controlled entities (the Group) for the half-year ended 31 December 2020 and independent review report thereon. This financial report has been prepared in accordance with AASB 134 Interim Financial Reporting.
The names of the directors in office at any time during or since the end of the half-year are:
Name
Period of Directorship
D Cronin (Chairman)
Appointed 10 April 2018
M Stevens (Non-Executive Director)
Appointed 11 March 2015
M McGeever (Non-Executive Director)
Appointed 8 August 2018
R Broomfield (Executive Director)
Appointed 27 February 2008
S Basham (Executive Director)
Resigned 9 July 2020
The directors have been in office since the start of the financial period to the date of this report unless otherwise stated.
Review of operations
Highlights
Revenue from ordinary activities of $35.159 million for the 6 months to 31 December 2020 (HY2021):
72% increase on HY2020 ($14.713 million) with revenues up by $9.243 million in the Services Division. Perimeter Security and Access Control contributed an additional $5.470m of sales revenue with strong revenues from the Indian Ministry of Defence Contract (MoD) and the Australian Department of Defence, despite Covid-19 delays to underlying sales;
Licence fees from the Indian MOD project, have contributed $7.726 million of revenue and gross margin (HY2020: $1.343 million);
31 December 2020 sales orders backlog of $3.4 million (HY2020: $16.7 million), inclusive of the Indian MOD project.
Gross margin of 57% (HY2020: 49%) as a result of higher revenue margin in the International Valuable Logistics (Services) division and improved margins in the Technology division driven by favourable margin on the Indian MoD licence fee income.
Operating expenses excluding depreciation, amortisation and interest are $8.637 million (HY2020 $7.811 million).
Net profit from ordinary activities up to $11.028 million (HY2020: $0.942 million) driven by:
Increase of $4.020 million profit in Perimeter Security underpinned by the Indian MoD contract;
Strong demand for International Valuable Logistics services in the first six months contributing to an increase of $3.320 million profit in the Services Division; and
Access Control Solutions reporting a profit of $2.135 million as a result of 109% growth in revenue (HY2020: $0.611 million loss);
The Board declared a Special dividend of $0.01 per share, paid on 23 October 2020.
As at 31 December 2020, the balance sheet has net assets of $34.075 million (FY2020 $25.415 million) with no external debts or borrowings.
Events after the Balance sheet date
Dividends
On 29 January 2021, the Group announced a Special dividend of $0.02 per share on ordinary shares. The dividend has a record date of 10 February 2021 and will be paid on 10 March 2021.
Other than the changes noted above there has been no matter or circumstance, which has arisen since 31 December 2020 that has significantly affected or may significantly affect:
the operations subsequent to 31 December 2020, of the consolidated entity, or
the results of those operations, or
the state of affairs, subsequent to 31 December 2020, of the consolidated entity.
Rounding of amounts
In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts in the directors’ report and in the financial report have been rounded to the nearest one thousand dollars, or in certain cases, to the nearest dollar (where indicated).
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 in relation to the review for the half-year is provided with this report.
This report is made in accordance with a resolution of directors.
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “Company”) is pleased to announce that its world leading Aura Ai sensing product has successfully completed comprehensive Site Acceptance Testing at a major airbase located within a large Asian country and been selected to be deployed for a further 15-site program to upgrade security at certain major air force bases.
Multi-site security upgrade.
Initial purchase orders received exceeding US$0.55m (A$0.7m) for the next 4 sites.
Deployment at these 4 sites is expected during Q3 FY2021 with follow on orders anticipated for the remaining 11 sites during Q4 FY2021 and FY2022.
Ava Group CEO, Rob Broomfield said “Following a comprehensive evaluation and testing program and a competitive tender and trial process, our strong track record of providing world class security and assurance technologies has been reinforced by this large contract award with a highly respected defence end user”.
Approved for release for and on behalf of the Board of Directors by: Leigh Davis Company Secretary
About Ava Group The Ava Group, comprising world leading technology divisions Future Fibre Technologies (FFT) and BQT Solutions (BQT), and international secure logistics services division Ava Global, is a market leader in the provision of risk management services and technologies, trusted by some of the most security conscious commercial, industrial, military and government clients in the world.
The Group features a range of complementary solutions including intrusion detection for perimeters, pipelines and data networks, biometric and card access control as well as the secure international logistics and storage of high value assets. Through decades of innovation, the Ava Group continues to build upon a comprehensive portfolio of premium services and technologies for the most complex and demanding markets.
Our business truly serves a global market, with our knowledgeable team spread across six continents, providing market and industry expertise directly to customers. With thousands of sites protected, the Ava Group is proven to deliver first class services and technologies that surpass the expectations of our partners and end users.
Note 1 Forward Looking Statements Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.
All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.
All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.
To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “Company”) is pleased to announce a Special Dividend. Shareholders at the Record Date of 10 February 2021 will receive an unfranked dividend of $0.02 per share, paid on 11 March 2021.
Ava Group CEO, Rob Broomfield said “I am very pleased that our record H1 FY2021 results have delivered material profits and positive cashflow which has enabled the board to approve a dividend for our shareholders, the second Special Dividend that we have announced in FY2021. As our profits, cashflow, and cash balances increase, the board is committed to rewarding its shareholders.”
$4.4m positive operating cash flows for the quarter
Increased cash holdings, consolidated net cash position of $13.4m
Ava Risk Group Limited (ASX: AVA), (“Ava Group” or “the Company”), a market leader of risk management services and technologies, today releases its cash flow report (Appendix 4C) and provides an update on the key areas of activity for the quarter ended 31 December 2020.
Ava Group is a security technology and services company, that develops and commercialises a range of high security perimeter and access control products to protect military, government, industrial and commercial critical assets and infrastructure. These products are sold through its Future Fibre Technologies (FFT) and BQT Solutions (BQT) brands. In addition, the Company operates Ava Global, its international secure logistics division, delivering clients with reliable secure delivery for bank notes, precious metals, and other valuables.
On 14 January 2021,Ava Group announced its unaudited revenue and profit growth for the first half of FY2021:
Cash at bank as at 31 December 2020 of $13.4 million
Key areas of activity during the second quarter of the 2021 financial year related to:
The total contract value for this project is estimated at US$11.9m (A$15.6m) inclusive of income tax credits. Having already recognised $4.8m in FY2020 and $3.6m of revenue in Q1 FY2021, the Company recognised a further $4.1m of revenue in Q2 FY2021. Added to the revenues are income tax credits under the Australian Indian DTAA which are also available to the company to offset income tax payable. To the end of December 2020, 1,400 units have been shipped to the end user with another 500+ units completed awaiting shipment. We expect the balance of project deliveries to occur during H2 FY2021. Ava Group holds a Bank Guarantee as security for ~US$2.1m (~A$2.9m),to cover payments when due.
The Services Division continued to provide a full range of services to all of its customers, despite the continued reduction in air freight capacity around the world due to COVID-19. These restrictions allowed Ava Global the opportunity to innovate and offer a range of bespoke cargo and charter aircraft solutions to ensure that it could continue to deliver currency, precious metals and other valuable goods for its customers. Client activity has significantly increased during FY2021, with the addition of both new clients, a number of new contract wins and a wider breadth of services offered as a result. This has been ably facilitated thanks to the depth of skills and experience within the Services Division and further supported by 3 additional new hires in USA, Germany and Singapore.
For the Technology Division, both FFT and BQT continued their COVID-19 control measures to maintain production and order fulfilment. Although the ability to deliver site services was restricted for FFT we did receive initial orders for the multi-year Comprehensive Maintenance offering introduced that includes remote monitoring. The FFT Aura IQ conveyor health monitoring solution “Proof of Value” Trials continued despite delays from COVID-19 travel restrictions during the quarter. FFT successfully commissioned its latest Machine Learning configuration at two major high security projects internationally and demonstrated increased levels of intrusion sensitivity along with significant reductions in nuisance alarms. During the quarter BQT successfully completed the current program order of readers for the contract from the Australian Department of Defence (DoD) under the larger Australian Government.
Operating cash outflows for the quarter of $11.6m was mostly comprised of product manufacturing and operating costs ($7.7m), staff costs ($3.0m), and administration and corporate costs ($0.6m).
During the quarter the Company made payments of approximately $201,000 to Directors and their associates. This includes all Executive Directors and Non-executive fees, salaries, cash bonuses, and consultancy and service fees paid to related or associated parties of Directors including in respect of subsidiary operations whereby directors are related parties.
Commentary on Appendix 4C Cash Flow Report
Net operating cashflows in the quarter were positive $4.4m an increase of $0.7m on the previous quarter, and a $4.6m improvement on the same time last year. This was due to an increase in cash collections from customers compared the prior quarter, up $2.4m, and up $7.4m on the same time last year. Operating costs were circa $2.2m higher than the prior quarter, and $2.9m higher than the same time last year driven by higher payments for product manufacturing and operating costs which increased $0.9m quarter on quarter and $2.2m compared to the same time last year as a result of increased sales. The Group also continued development of the Aura Ai and Aura IQ platforms, continuing its R&D spending and intellectual property spending during the quarter, at a slightly higher level compared to the previous quarter.
Cash receipts from customers in Q2 included $2.6m from the Indian MoD project. The next payment from this project is expected during March, being an amount of USD$1.9m (A$2.6m), in line with the 120 days project payment terms.
At 31 December 2020 the Company had $13.4m cash at bank.
About Ava Group The Ava Group, comprising world leading technology divisions Future Fibre Technologies (FFT) and BQT Solutions (BQT), and international secure logistics services division Ava Global, is a market leader in the provision of risk management services and technologies, trusted by some of the most security conscious commercial, industrial, military and government clients in the world.
The Group features a range of complementary solutions including intrusion detection for perimeters, pipelines and data networks, biometric and card access control as well as the secure international logistics and storage of high value assets. Through decades of innovation, the Ava Group continues to build upon a comprehensive portfolio of premium services and technologies for the most complex and demanding markets.
Our business truly serves a global market, with our knowledgeable team spread across six continents, providing market and industry expertise directly to customers. With thousands of sites protected, the Ava Group is proven to deliver first class services and technologies that surpass the expectations of our partners and end users.
Forward Looking Statements
Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.
All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.
All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.
To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.
Ava Risk Group Limited (ASX: AVA) (“Ava Group” or “Company”) is pleased to announce revenue and profit growth in the first half of FY2021:
Sales Revenues have increased by approximately 70% compared to the sae period last year to be in excess of $35.0 million for the half year.
EBITDA has improved by circa 450% compared to the same period last year, to exceed $12.0 million for the half year.
All business units are profitable for the half-year.
Cash at bank as at 31 December 2020 of $13.4 million.
Services Division – H1 FY2021 Snapshot
H1 FY2021 Revenue approximately $18.4m (With Q2 FY2021 revenues more than $2.2m+ above Q1 FY2021)
Gross Margin to be maintained at around 34%, considerably above the 25% in FY2020
H1 FY2021 EBITDA to exceed $3.5m (versus $2.4m for the whole of FY2020)
New contract awarded in the wholesale banknote sector, with annual revenue in excess of $1m, commencing Jan 2021
New operational staff in Frankfurt and Miami, supporting recent and anticipated growth in the Americas and EMEA, in addition to the New General Manager Asia, based in Singapore, appointed in Q1 FY2021
Whilst there has been some normalisation of pricing due to the lifting of certain COVID-19 air freight restrictions, the underlying revenue and gross margin trend remains strong
Industry consolidation continues to provide additional revenue opportunities with current and prospective customers
Technology Division – H1 FY2021 Snapshot
1H FY2021 Revenue approximately $16.6 million
1H FY2021 EBITDA in excess of $8.5 million
Q2 FY2021 EBITDA was adversely impacted compared to Q1 FY2021 EBITDA by FX losses on a strengthening Australian dollar, the completion of the BQT Australian DoD project early in Q2 FY2021, and the cessation of government incentives income (combined impact of circa $3.2 million vs. Q1). We had previously estimated an FX benefit of circa $0.4 million in Q1. Our latest review of the combined Q1 and Q2 FX impact has resulted in a revised estimate of circa $0.9 million FX loss for 1H FY2021
Indian Ministry of Defence revenue for the large-scale data network protection program (FFT’s SecureLink product) is expected to be approximately $7.7m for H1 FY2021
Despite Covid-19 restrictions continuing to delay certain orders due to travel restrictions and office shutdowns, our Technology Division has continued to operate, and delivered systems to both current and new customers including deliveries for major defence programs
Growing commercial interest in our new conveyor health monitoring solution (Aura IQ) with multiple Proof of Value trials completed and/or underway
Increasing activity with our assurance sensing solutions for terrestrial and sub-sea power cables
First shipments of the latest version of our FOSS platform delivered during the half year – with Machine Learning software which is the completion of the first step in our roadmap of innovative solutions that will be offered to our customers on a SaaS revenue model.
Ava Group CEO, Rob Broomfield said “Our record H1 FY2021 results have demonstrated that our streamlined and highly scalable cost structure, along with our diverse customer base and revenue streams, are able to show continued growth even in times as disruptive as the current global pandemic period”.
Approved for release for and on behalf of the Board of Directors by: Leigh Davis Company Secretary
About Ava Group The Ava Group, comprising world leading technology divisions Future Fibre Technologies (FFT) and BQT Solutions (BQT), and international secure logistics services division Ava Global, is a market leader in the provision of risk management services and technologies, trusted by some of the most security conscious commercial, industrial, military and government clients in the world.
The Group features a range of complementary solutions including intrusion detection for perimeters, pipelines and data networks, biometric and card access control as well as the secure international logistics and storage of high value assets. Through decades of innovation, the Ava Group continues to build upon a comprehensive portfolio of premium services and technologies for the most complex and demanding markets.
Our business truly serves a global market, with our knowledgeable team spread across six continents, providing market and industry expertise directly to customers. With thousands of sites protected, the Ava Group is proven to deliver first class services and technologies that surpass the expectations of our partners and end users.
Note 1
Forward Looking Statements
The above preliminary results for 1H FY2021 are unaudited and are subject to adjustment.
Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.
All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.
All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.
To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.
Ava Risk Group Limited (ASX: AVA) (Ava Group or Company) today provides the following market update and clarifications with respect to the large-scale supply of FFT’s SecureLink technology to protect data communications cables for the Indian Ministry of Defence (IMOD):
Large scale supply of FFT’s SecureLink technology to protect more than 40,000kms of data communications cables for the Indian Ministry of Defence
SFO’s Bank Guarantee to Ava for US$2.1m (A$3.0m),tocover the 120 days payment terms remains in place.
Contract establishes FFT technology in growing cyber security market
Fulfilment and licencing model providing low working capital, low risk and high margin GTM approach
FY2020 Recap:
US$3.2 (A$4.8) million in revenue recognised
US$0.1 (A$0.2) million in tax credits recognised
US$1.0 (A$1.5) million in cash received
Q1 FY2021 (unaudited):
US$2.4 (A$3.6) million in revenue recognised
US$0.3 (A$0.4) million in tax credits recognised
US$1.0 (A$1.3) million in cash received
Updated Forecast:
Contract balance of circa US$5.9 (A$8.2) million (revenue and tax credits)
Q2 FY2021 revenue expected to be A$3.3 – A$3.8 million
US$1.8 (A$2.6) million in cash due to be received within Q2 FY2021
Additional revenue from subsequent seven-year spares and maintenance contract with an estimated value of a further US$3.4M (A$4.8M)
Historical A$ amounts are based on actual USD/AUD exchange rates achieved. Forecast $A amounts are based on the current USD/AUD exchange rate at time of release. Actual final A$ amounts achieved may differ depending on exchange rates achieved at the time.
Approved for release for and on behalf of the Board of Directors by:
Leigh Davis Company Secretary
About the Ava Group The Ava Group, comprising world leading technology divisions Future Fibre Technologies (FFT) and BQT Solutions (BQT) is a market leader in the provision of risk management services and technologies, trusted by some of the most security conscious commercial, industrial, military and government clients in the world.
The Group features a range of complementary solutions including intrusion detection for perimeters, pipelines and data networks, biometric and card access control as well as the secure international logistics (Ava Global) and storage of high value assets. Through decades of innovation, the Ava Group continues to build upon a comprehensive portfolio of premium services and technologies for the most complex and demanding markets.
Our business truly serves a global market, with our knowledgeable team spread across six continents, providing market and industry expertise directly to customers. With thousands of sites protected, the Ava Group is proven to deliver first class services and technologies that surpass the expectations of our partners and end users.
Further information on the IMOD project is available via previous market announcements (see www.asx.com.au)
Note 1: Forward Looking Statements
Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.
All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.
All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.
To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.
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