RE: RNS5 Apr 2018 11:54
services in 2018/2019 (see Cyber Security Market Trends and Forecasts 2017-2020)
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Castleton tops off busy year with positive update
Georgina O'Toole, 08:27, 05 April 2018
Castleton Technology logoIt�s been a busy year for Castleton Technology, under CEO Dean Dickinson, who was appointed in October 2016. Having �bought and built� over the years, confidence in its position as a one-stop software shop for the social housing sector grew (see Castleton Technology: the post-integration journey), backed up by a number of multi-year contracts, including two milestone deals to deliver its integrated product suite (see Castleton: One-stop-shop success). It also acquired Kinetic Information Systems Pty (see Castleton buys and builds down under), providing an opportunity to cross-sell Castleton�s social housing software into the Australian market.
The result? In a trading update for the year to 31st March 2018, Castleton confirms that revenues will be �not less than �23.1m�. That represents c14% revenue growth compared to FY17 � see Castleton revenue up 12%) � and continued double digit organic growth. Moreover, EBITDA is expected to be �not less than �5.0m� � that compared to �4.4m, so representing stability in the EBITDA margin. Strong cash generation and conversion also means debt levels have reduced.
Full year results will be announced in June. We now know Castleton has had a good year. For this trend to continue into the current financial year, Castleton will need to continue positioning to cross-sell and up-sell to its existing client base. And prove that its one-stop shop solution, already a success in Ireland, has legs in the UK market.