- Adacel Technologies’ (ADA) shares are flying high after the global technology business announced it more than tripled its profit over FY21
- The air traffic management systems developer says its profit before tax for the year hit $7.7 million, up from $2.2 million at the end of FY20
- It expects the profits to remain strong in FY22, forecasting a profit before tax of between US$5.7 million and US$6 million ($7.74 million to $8.15 million)
- ADA will pay shareholders a final dividend of 3.25 cents per share bringing its total dividend for the year to 6 cents, a 140 per cent increase on last year
- Company shares soared 35 per cent to close the day’s trading at $1.39
Adacel Technologies’ (ADA) shares are flying high after the global technology business announced it more than tripled its profit over FY21.
The air traffic management systems developer said its profit before tax for the year hit $7.7 million, up from $2.2 million at the end of FY20.
ADA’s net profit after tax was $7.33 million, while its earnings before interest, taxes, depreciation and amortization was $9.79 million.
Shareholders will be paid a final dividend of 3.25 cents per share, bringing their total dividend for the year to 6 cents.
Adacel’s CEO Daniel Verret said it was a 140 per cent increase on last year’s dividend, reflective of a strong year.
“This was a remarkable year in many regards,” Mr Verret said.
“(It included) unprecedented unknowns due to COVID-19, major business adjustments to sustain productivity while working remotely, quick development of creative solutions to support our commitments, successful delivery of significant projects and a remarkably strong business output by the company.
“We are pleased to report on our strong financial performance for FY21 and we delivered improved financial performance across all major financial indicators.”
Looking ahead, ADA expects profits to remain strong in FY22, forecasting a profit before tax of US$5.7 million and US$6 million ($7.74 million to $8.15 million).
Company shares soared 35 per cent to close the day’s trading at $1.39 on August 12.