Ambertech Withdraws Guidance, Appoints New Director After New $5.1M ABC Deal
Sydney based distributor Ambertech has withdrawn its guidance for FY2020 due to the inherent uncertainty on the impact that COVID19, they have also announced a 5.1M deal with the ABC as well as appointed a new director to the Company.
According to an announcement to the ASX Mr Santo Carlini has been appointed to the Board as a Non-Executive Director effective 1 March 2020.
Mr Ed Goodwin resigned as an independent Non-Executive Director with effect from 29 February 2020.
Currently Carlini is General Manager at WES Alliance Pty Ltd (WES), founded in 1984. Since 1995 the WES business has grown from a specialist supplier of electronic parts to a leading supplier of audio, visual products and solutions to the domestic and commercial
The Company said that trading performance for the March 2020 quarter delivered on the expectations flowing from the successful integration of the Hills AV Division acquisition in late December 2019.
The unaudited management accounts for Ambertech show profitable trading in each of the three months in the March 2020 quarter. There was no mention of how the Companies consumer division is performing after taking a major hit last year.
In their last financial report, the Sydney based Company reported a massive slump in profits despite increased revenues.
While revenues climbed from $51.8M to $57.1m losses went from $143,000 to $1,332,000 despite cost cutting and a restructuring of the Companies operations.
Currently the Company is claiming that their increased revenues are coming from their recent acquisition of the Hills AV business.
Recently Ambertech secured a $5.1M deal with the Australian Broadcasting Corporation (ABC)’s for the replacement of its video ingest and playout systems with an EVS solution.
The deal valued at $5.1million, includes a $1.5million support contract over a five-year period. It is expected that the company will recognise $2.8million in revenue for the 2019/20 financial year.
The five-year contract will upgrade existing EVS production and tape systems to provide the broadcaster with innovative solutions that deliver greater
agility, reliability, and responsiveness.
The project will include the supply and integration of industry standard EVS video production servers, a live production asset management (PAM) suite for news, production, and sports programming with remote browser-based collaboration workflows between the Ultimo, Southbank and other connected remote facilities.