JTWO.L Share News (JTWO)

(Sharecast News) - APi Group Corporation reported a 9.8% improvement in combined net revenues in its final results on Thursday, to $4.1bn.
The company said adjusted combined net revenues grew 8.7% to $3.8bn, with segment growth of 4.2% in safety services, 9.9% in specialty services and 10.7% in industrial services.

Adjusted combined net revenues grew organically by 7.7% to $3.8bn, with organic growth of 4.5% in safety services, 7.0% in specialty services and 10.9% in industrial services.

The firm's reported combined gross margin was 19.6%, representing a 151 basis point decline compared to the prior year, which the board put down to an additional $22m in cost of revenues from the amortisation of backlog intangible assets recorded in purchase accounting.

Its adjusted combined gross margin was 21.5%, compared to 22.0% in 2018, driven primarily by a decline in the industrial services segment.

APi's reported combined operating loss ottalled $59m, which was a $221m decline from prior year operating income of $162m, largely impacted by transaction related and non-recurring expenses.

Adjusted combined EBITDA was $393m, or 10.3%, which was a 51 basis point increase over the prior year.

Its reported combined net loss was $67m, which was a $203m decline from prior year net income of $136m, which was said to have been largely impacted by transaction-related and non-recurring expenses, with the reported net loss coming in at 115 cents per share.

Adjusted combined net income was $212m,, representing a $29m increase over the prior year, with the company's adjusted combined diluted earnings per share rising 17 cents year-on-year to 122 cents.