SOURCE: Aconex

Aconex

February 18, 2015 16:10 ET

Aconex Reports Half Year FY 2015 Results

MELBOURNE, AUSTRALIA--(Marketwired - Feb 18, 2015) - Aconex Limited (ASX: ACX)

Financial Highlights:

  • Revenue of $38.1 million, up 19% year over year and above forecast
  • EBITDA from core operations of $0.5 million, above forecast of ($1.4) million
  • ANZ revenue up 14%, with 20% growth in operating contribution
  • International revenue up 23%, with 65% growth in operating contribution
  • Total cash and cash equivalents of $25.8 million

Aconex Limited (ASX: ACX), provider of a leading cloud collaboration platform for the global construction industry, today announced its half year results for the financial year ending 30 June 2015. This was the company's first report of financial results since its initial public offering (IPO) on 9 December 2014.

                 
Results from core operations ($000) 1H FY14     1H FY15     1H FY15 Forecast(1)  
Revenue 32,071     38,080     36,576  
Gross profit 23,711     28,052     26,590  
Gross margin 74 %   74 %   73 %
Operating costs(2) 26,579     29,511     29,534  
EBIT2 (2,868 )   (1,459 )   (2,944 )
EBITDA2 (195 )   469     (1,359 )
                 

"First half results showed how the Aconex unlimited collaboration model is driving the growth of our global user network," said Aconex CEO Leigh Jasper. "Owners and contractors delivering the world's largest projects are increasingly trusting Aconex to provide project-wide information and process control for their project teams. Our key financial metrics of revenue and EBITDA for 1H FY15 exceeded our IPO prospectus forecast and confirmed our outlook for FY and CY 15. We saw continued strong growth and profitability in Australia, while further increasing our international revenues and rapidly improving our regional operating contribution. We're successfully replicating our Australian operating model on a global scale, and we've launched new products to continue expanding market penetration worldwide."

Total revenue for the six months ended 31 December 2014 was $38.1 million, up 19% from the same period of FY 2014. Earnings before interest, taxes, depreciation, and amortization (EBITDA) from core operations were $0.5 million, compared with a loss of ($0.2) million the prior year and with the IPO prospectus forecast of a loss of ($1.4) million.(3) The company's total cash and cash equivalents at December 31, 2014 were $25.8 million, reflecting in part the net proceeds of the IPO.

Revenue for the Australia and New Zealand (ANZ) region was $17.2 million, up 14% year over year. Revenue for the international regions was $20.9 million, up 23% from the year earlier.

                 
Revenues ($000) 1H FY14   1H FY15   % Change     Forecast1
ANZ 15,062   17,168   14 %   16,931
Americas 5,162   6,644   29 %   6,268
Asia 3,471   4,769   37 %   4,439
EMEA 8,376   9,499   13 %   8,938
Total 32,071   38,080   19 %   36,576
                 

The operating contribution(4) of the ANZ business grew by 20% year over year, while the contribution of the international business increased by 65%. Total regional operating contribution grew by 27%.

             
             
Operating Contributions
($000)
1H FY14   1H FY15   Forecast1  
ANZ 9,663   11,583   11,227  
Americas (937 ) (288 ) (154 )
Asia (57 ) 542   304  
EMEA 2,796   2,712   3,257  
Total 11,465   14,549   14,634  
             

Business Highlights for 1H FY15

  • Continued project wins and new enterprise agreements across regions and industry sectors, led by major infrastructure development
  • Continued expansion of global user network and increasing data capture across projects
  • Major new product launch in October 2014 - Connected BIM, Field Checklists, Dynamic Manuals, enterprise security integration
  • Corporate rebranding to increase demand generation and competitive advantage
  • Strengthening of executive team with appointment of Henry Jones as senior vice president, EMEA and Global Accounts.

About Aconex

Aconex Limited provides a leading cloud collaboration platform for the global construction industry. This platform gives owners and contractors in the construction, infrastructure, and energy and resources sectors project-wide visibility and control between the many different organizations collaborating across their projects. With more than 50,000 user organizations and over A$800 billion of project value delivered in more than 70 countries, Aconex is the industry's most widely adopted and trusted platform. Founded in 2000, Aconex has 41 offices in 22 countries around the world, including headquarters in Melbourne, Australia and San Francisco, California. The company's ordinary shares are traded on the Australian Securities Exchange (ASX) under the ticker code ACX.

Supporting Resources
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Forward-Looking Statements

This news release includes certain forward-looking statements that are based on information and assumptions known to date and are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Aconex. These factors may cause actual results to differ materially from those expressed in the statements contained in this presentation. For example, the factors that are likely to affect the results of Aconex include its ability to attract and retain customers, competition from other market participants, challenges faced by its international expansion plans, or difficulties associated with its technology systems.

(1) IPO prospectus dated 25 November 2014

(2) Operating costs, EBIT and EBITDA are based on core operations, which exclude ASX listing fees expense and foreign currency exchange losses.

(3) EBIT and EBITDA figures include certain adjustments to reflect the underlying performance of the business. For more information on the reconciliation of EBIT and EBITDA from core operations to statutory figures, please refer to the Directors Report and Half Year Report for the six months ended 31 December 2014 lodged with the ASX on 19 February 2015.

(4) Regional operating contribution is defined as revenue minus direct operating costs.

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