- Revenue of $6.4M – up on immediate prior half (2HFY16: $5.7M)
- EBITDA loss of $3.0M for the half year
- Cash position of $9.8M at 31 December 2016 – no debt, strong balance sheet
- 1HFY17 operating costs in line with growth strategy
- Significant new orders received late 1HFY17/early 2HFY17
Future Fibre Technologies Limited (ASX: FFT), a global leader in fibre optic intrusion detection security systems, today announced its financial results for the half year ended 31 December 2016 (1HFY17).
FFT delivered revenues of $6.4 million and an EBITDA loss of $3.0 million for half year. As at 31 December 2016, FFT’s balance sheet remained strong with a cash balance of $9.8 million, and no external debt or borrowings. The Company’s cash receipts from customers strengthened to $7.1M (2HFY16: $5.8M).
Commenting on the result, FFT Chief Executive Rob Broomfield said: “While 1HFY17 revenues were impacted by delays in certain contracts, we continue to maintain a strong and growing sales pipeline. Orders received in early in H2 confirm our earlier guidance provided to the market on 23 January 2017 – namely, that we expect annual revenues for FY 2017 to be between $18 million and $23 million.”
“Our concentrated R&D efforts have allowed us to announce the commercial release of a new product platform – Aura Ai-2 – in January 2017. Featuring extended detection range, enhanced intrusion location accuracy and cut resilient capabilities, Aura Ai-2 marks another technology milestone for our R&D Team in its quest to bring robust, reliable and cost effective security solutions to FFT’s growing list of global customers. The FFT team has been focused on creating a next generation laser optics platform that brings the science of data driven artificial intelligence to the real world of perimeter intrusion detection. The ongoing development of FFT products and technology is expected to contribute to the Company’s sales and gross margin enhancement in the 2018 financial year.”
“FFT will continue to invest in developing its global sales and support capability during 2HFY17, and in pursuing additional revenue opportunities through adjacent product markets and distribution partnerships similar those entered with Anixter International, and most recently, South American-based Minipa,” Mr Broomfield added.
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About FFT
FFT is a leading developer and manufacturer of fibre optic intrusion detection security systems. Deployed by some of the most security conscious industrial, military and government organisations in the world, FFT’s advanced security systems:
- detect and locate perimeter intrusions;
- identify third-party interference on oil and gas pipelines; and
- protect sensitive data network communications cables.
With hundreds of installations in more than 60 countries, FFT has established a solid reputation for delivering highly intelligent, reliable, and award winning intrusion detection solutions. www.fftsecurity.com
For further information contact: Katie Paynter +61 417 057 243
Click here to download FFT’s Appendix 4D 2016
Click here to download FFT’s Half Year Financial Report