Vita Group Ltd Strong first half of 2017 performance
Strong first half of 2017 performance: Vita Group Ltd (ASX: VTG) stock surged over 4.1% on March 01, 2017. VTG reported an 8% year on year (yoy) rise in revenue to $344.1 million in the first half of FY17 while EBITDA surged 15% yoy to $35.0 million. The group built a flexible balance sheet and has no debt. As a result, the group reported a 60% yoy growth in interim dividend to 9.20 cps fully franked. The group’s efforts to optimise its retail channel paid off and accordingly Retail channel EBITDA enhanced 12% on a yoy basis. Retail channel revenues increased 5%, even though the fee income was offset by slower growth in low margin device sales. VTG small-to-medium business (SMB) and enterprise channels growth was ongoing. The group’s Enterprise channel revenues delivered an increase of 16% driven by major account wins. Sprout revenue enhanced 28% driven by internal distribution channels and third party customer base expansion.
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