ComOps Limited reported unaudited consolidated earnings results for the half year ended June 30, 2017. For the period, the company reported revenue of AUD 4,357,636 against AUD 4,664,142 a year ago. Loss before income tax benefit was AUD 4,404,816 against AUD 453,668 a year ago. Loss after income tax benefit for the half-year attributable to the owners of the company was AUD 4,246,573 against AUD 328,601 a year ago. Diluted earnings per share was 0.5925 cents against 0.0458 cents a year ago. Net cash used in operating activities was AUD 580,216 against AUD 418,213 a year ago. Payments for property, plant and equipment was AUD 1,105 against AUD 21,226 a year ago. Payments for intangibles was AUD 256,298 against AUD 502,738 a year ago. Sales revenue was AUD 4,356,223 against AUD 4,655,979 a year ago. Adjusted LBITDA was AUD 1,028,761 against adjusted EBITDA of AUD 47,488 a year ago. Revenue including R&D Grant revenue and down 6% to AUD 4.35 million without R&D grant revenue against AUD 4.65 million. This reflects: Lower new licence revenue (down AUD 0.3 million) compared to the prior year, due to new sales coming through late in the half and pushing those new revenues into the second half, delayed revenues from Globalia (Aviation) due to changed customer timing and higher R&D grant revenue due to the continued investment in software development for both the ComOps Ports solution and new mobility apps.

The company announced that the management team have made progress on a wide ranging efficiency programs and expense reduction initiatives. To date > AUD 0.7 million has been removed from the annual expense base (including IT, software platform licenses, office, share registry) with only minimal reduction in personnel costs. Further opportunities have been identified to potentially double the savings achieved to date, without reducing capacity and capability to deliver on current plans. There is growing confidence that these initiatives will enable the company to reach a small level of profitability at current revenue levels in fiscal year 2018.