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Kalibrate to target new markets in 2017

Last updated: 11:30 20 Sep 2016 BST, First published: 09:18 20 Sep 2016 BST

the forecourt of a petrol station
Kalibrate provides data to retail petrol stations, such as local competitors' prices

Petrol forecourt services provider Kalibrate Technologies PLC (LON:KLBT) plans to tap into emerging markets over the coming 12 months as it looks to build on the growth it has enjoyed in recent years.

Kalibrate said areas such as the Far East offer “higher growth potential” and as a result it plans to increase investment from operating cash flow into these markets.

“As we enter a new financial year, in order to enhance sustainable growth in the longer term, we will increase our capital allocation in the key growth areas that we have identified,” said chief executive Bob Stein.

“In FY17, we will strategically invest from operating cash flow in positioning Kalibrate to the opportunities in the rest of the world, in particular India, Asia and Africa.”

The company revealed its future plans as part of its full year results.

Revenue at Kalibrate for the year to the end of June rose 7% to US$34.9mln, while annualised recurring revenues also increased to US$23mln (2015: US$21mln).

Underlying operating profits fell slightly to US$2.6mln, although total profit for the financial year was actually up to US$2.04mln (2015: US$1.99mln), mainly as the result of a tax rebate.

Investment in new products and equipment saw net cash dip to US$2.4mln from US$4.6mln in the previous financial year.

The year saw Kalibrate enter four new territories, China, Chile the Netherlands and Belgium and it is now cross-selling to 33 clients, which has almost doubled since its admission to AIM.

Shares were down 1% to 86p.

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