Eservglobal Ltd (AX:ESV) has reported H116 results in line with its recent trading update and confirmed that it continues to expect to report a small positive EBITDA for FY16. Once approved, the proposed fund-raising and debt restructure should strengthen the company’s balance sheet and provide funds to support the growth of the core business.
H116 results in line with recent trading update
eServGlobal has reported H116 results in line with guidance given in its recent trading update: revenues A$8.4m, adjusted EBITDA loss A$6.6m, reported EBITDA loss A$8.8m and net debt A$19.8m. Management has reiterated its outlook for FY16, expecting a small positive EBITDA for the year, and confirmed that the recovery in order flow has continued into the first two months of H216. Other than factoring in the recently issued shares, our forecasts are substantially unchanged.
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