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Castleton Technology to end year in line with expectations
Software and managed services provider Castleton Technology updated the market on its trading for the year ended 31 March on Thursday, ahead of the announcement of its full year results.
The AIM-traded firm said its results for the year were expected to be in line with expectations, with revenue of no less than £23.1m, and adjusted EBITDA of at least £5m, representing continued double digit organic growth.
Cash generation in the period was strong, resulting in operating cash conversion of approximately 100% of adjusted EBITDA, facilitating a continued reduction in the company's net debt.
The group said it expected to announce its preliminary results in June.
"I am pleased with the progress that Castleton has made during the year, recording significant organic growth in both revenues and profit, underpinned by excellent cash generation," said CEO Dean Dickinson.
"The group has also achieved a number of key operational milestones, notably the delivery of our integrated product suite on two milestone contracts, significant multi-year contract wins and the acquisition of Kinetic Information Systems, enhancing our existing operations in Australia's growing community housing sector.
"The market opportunity remains large and given the group's now established position as a 'one stop shop' serving the social housing sector, the board is very optimistic about the Group's continued growth prospects."