Snippets Corner: 24 June 2009 – GBT, WBC, UGL, HSN
GBST Holdings Limited (GBT), a provider of securities transaction and fund administration software to the financial services industry, said it was expecting EBITDA of between $12.5 million and $13 million for the year to 30 June. At the same time the company said it intends to conduct a capital raising to raise between $10 million and $15 million to support the company’s ongoing business. Looking at the result for the year, the GBST said The reduced performance is a result of the general market conditions, adverse foreign exchange movement and a slower than expected completion of certain sales.
Westpac Banking Corporation (WBC) announced the resignation of group executive, Westpac Institutional Bank, Phil Chronican after a career with the organisation spanning 27 years. Mr Chronican has held a number of positions in both Australia and New Zealand including a five-year term as chief financial officer. The company said current group executive, risk management, Rob Whitfield would replace Mr Chronican. Mr Whitfield joined Westpac in 1986. Finally, current deputy chief risk officer Greg Targett has been appointed the new chief risk officer. The appointments of Mr Whitfield and Mr Targett are to take effect from 2 July 2009.
United Group Limited (UGL) extended the contract of managing director and CEO Richard Leupen until 31 March 2014. The company said the contract includes key performance indicators and incentives in relation to the development of his senior management team and the appointment of a suitable successor. United Group said Mr Leupen’s remuneration would be $2 million per annum fixed for three years, with a range of incentives.
Hansen Technologies Limited (HSN) has forecast a full year after tax profit of between $7.5 million and $8.5 million. The company said the integration of the Peace Software acquisition had increased the number of utility customers served by the group, enhanced its market position in Australia, and added additional geographic diversity to its international operations. Hansen Technologies forecast operating revenue to be in the range of $53 million to $55 million and an EBITDA of between $13.5 million and $14.5 million for the same period.
