Technology

Attura boosts FY22 EBIT forecast by $1m despite tech sell-off

Thu 12 May 22, 12:59pm (AEST)
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Key Points

  • Atturra Limited has boosted its revenue forecast for FY22 by $1m to $13.5m
  • Digital transformation IT services provider weathering tech sell-off
  • Company points to higher than expected demand from public sector even during Federal Election gatekeeping period

Attura Limited (ASX:ATA) is up 8% in early afternoon trade eyeing 71cps as the company announces a $1m upgrade to expected FY22 revenue from $11.7-$12.3m to $13.5m. 

Attura specialises in designing patented software and IT solutions to companies undertaking digital transformations. 

The company's revenue, or EBIT, upgrade to $13.5m comes as better than expected March and April results appear underpinned by higher than expected operational performance despite COVID-19. 

(Source: Google Maps) Atturra's offices in Sydney
(Source: Google Maps) Atturra's offices in Sydney

Public sector demand stronger than expected

The company also its receipt of $600,000 for a project that closed in Q4 of FY22; as well as lower than expected impact on demand for its services from the public sector during the Federal Election gatekeeping period, when government services tend to wind-down. 

Attura has also announced this week it will acquire Perth-based Hayes Information Systems and Communications Pty Ltd. 

Revenue figures for Atturra exclude IPO costs, employee share offers and performance rights issues; Atturra listed on the ASX in December last year. 

Atturra a standout in tech sell-off

The company is profitable so far, with its YTD growth up 17.50%. 

Atturra listed at 62cps. Its share price fell below the float price twice early on in 2022; once in January and then again in February, but has remained above 60cps since late February. 

With $37.2m cash on hand and a $134m market cap, the company is left with an enterprise value of some $97m. 

Its profitability separates it from competitors in the tech sector as a market-wide selloff hits tech stocks particularly hard.

Atturra's charts since listing in December 2021
Atturra's charts since listing in December 2021

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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