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Annual Results

Sepura revenues up; raises £65m

27 June 2016 15:47

Sepura has conditionally raised approximately £65 million, gross, and reported a pre-tax loss of €19.0 million for the year to 1 April against a profit €16.7 million in 2015.

The group said revenue rose to €189.7 million (2015: €131.2 million) with a €44.7 million contribution from Teltronic. 250,000 devices were shipped, up 15% on FY15 (217,000) and there is a record order backlog of €75 million.

Adjusted EBITDA fell to €16.5 million (2015: €17.0 million) and adjusted operating profit was €12.4 million (2015: €15.0 million).

Closing net debt rose to €119.4 million (2015: €1.1 million) as a result of Teltronic acquisition and working capital.

No final dividend recommended (interim dividend paid of 0.79p per share).

Chief executive Gordon Watling said: "The fund raising announced today will significantly strengthen our balance sheet and provide the right capital structure to support our growth strategy. "We see significant opportunities to build on recent success in the global transport sector such as New York City Transit, as well as grow our business in North America - the world's largest PMR market. We also expect FY17 and beyond to benefit from our recent investment programmes. "We have revised our business model and our financial focus is firmly now on cash conversion, improving operating margins and increasing our revenue visibility with contracted and recurring business. The Board believes that the Group is well positioned to exploit key growth markets."

At 3:47pm: (LON:SEPU) Sepura PLC share price was -16.25p at 58.5p

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