Future Fibre Technologies Limited (ASX: FFT), a global leader in fibre optic intrusion detection systems, today announced its financial result for the half year ended 31 December 2015 (1H2016).
In 1H2016, FFT delivered sales revenue growth of 55% on the previous corresponding period to $8.6 million. The Company has continued to execute the growth strategy articulated in its prospectus, with expansion of its sales and support teams in APAC, MENA, ESSA, and the Americas. This significant investment in additional resources is an essential part of the plan to grow the business and has contributed to the loss of $803,000 posted for the first half. As at 31 December 2015, FFT’s balance sheet remains strong with a cash balance of $14.4 million.
FFT Chief Executive Rob Broomfield added: “FFT continued to experience strong demand for its technology which is reflected in revenue growth for the half year. With new perimeter security contracts signed in the Middle East, SE Asia and the US, we also experienced a significant increase in European sales as a direct result of an increased customer facing headcount in the region during the 2015 financial year.”
“We also received strong demand from our long term customers choosing to extend their use of FFT solutions to new sites; increase security coverage at existing sites; or upgrade their FFT systems to benefit from latest generation hardware and software.”
“Operating expenses were in line with the company’s growth strategy. During the half, FFT increased its sales resources in the US, Mexico, Singapore and the Middle East, expanded its US technical support and training facility and opened a new demonstration centre in the UK.”
“With a substantial project pipeline of potential sales opportunities and a backlog of orders received late in the first-half and due to be shipped in the coming months, FFT expects stronger operating cash flows in 2H2016 from current and anticipated orders,” Mr Broomfield said.
Click here to download FFT’s Half Yearly Report and Accounts.