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Venture Corporation Posts 7.7% Revenue Growth in 2015
February 25, 2016 | Venture Corporation LtdEstimated reading time: 3 minutes
For the financial year ended 31 December 2015, Venture Corporation Limited registered a 7.7% year-on-year increase in revenue to S$2,656.5 million. For the three months ended 31 December 2015, Group revenue increased by 2.9% year-on-year to S$694.0 million.
The Group recorded Profit before tax (PBT) of S$181.7 million and a corresponding PBT margin of 6.8% for the financial year ended 2015. Based on tax incentives granted to the subsidiaries of the Group and changes in sales mix of products with tax incentives, the Group reported higher income tax expense of S$27.6 million for the year ended 31 December 2015. The Group registered profit attributable to owners of the Company (net profit) of S$154.0 million for FY 2015. This translates to a full year net profit margin of 5.8%. For FY 2014, the restated net profit was S$76.0 million. Without the restatement, the net profit for FY 2014 would be S$139.8 million.
The Group registered sequential profitability improvement every quarter in FY 2015 and recorded a net profit of S$44.8 million for the quarter ended 31 December 2015. Profitability growth was driven by successful execution on several strategic initiatives including pursuit of operational excellence and value creation. The Group also registered increased traction with several customers and supported them in their launch of new programmes/products.
Diluted Earnings Per Share for FY 2015 was 55.6 cents.
Financial Position And Cashflow
During the year, the Group generated cash from operations of S$260.1 million (FY 2014: S$186.2 million). Compared to FY 2014, The Group registered an increase in working capital with higher balances in trade receivables and inventories. These increases were in line with the higher revenue recorded for the year. As at the end of the financial year, the Group had cash and cash equivalent of S$459.3 million (FY 2014: S$393.3 million) and remained net cash positive at S$324.2 million (FY 2014: S$224.3 million).
As at 31 December 2015, Equity attributable to owners of the Company was S$1,893.2 million and Net Asset Value per share was S$6.85.
Proposed Dividend
The Board of Directors has recommended a final dividend of 50 cents per share on a one-tier tax-exempt basis for the financial year ended 31 December 2015. Subject to the approval of shareholders at the Annual General Meeting to be held on 27 April 2016, the proposed dividend will be paid on 18 May 2016.
Outlook
Notwithstanding the challenging economic conditions, the Venture Group continued to make progress in growing its profitability, improving its revenue and strengthening its cash generation. Strong execution in engineering design, new product development and operational excellence has resulted in significant value creation and gain in market share.
The Group will continue to pursue its strategy of building distinctive differentiation by developing new strengths, dynamism and capabilities to drive superior performance and stay ahead of competition. Venture will also focus on new business and product development in several domain areas. The recruitment and development of strong and dynamic technical and management talents is on-going. This is to deepen and broaden the Group’s core competencies for enhanced competitiveness and customer support. Going forward, there will be renewed focus on Venture’s core values with emphasis on bringing the values to life. Enriched by strong core competencies and powered by greater conviction to its core values, the Group will continue to drive sustainable performance and growth.
Submitted by Angeline Khoo, Company Secretary, on 25 February 2016 to the Singapore Exchange Securities Trading Limited.
About Venture
Venture was founded in 1984 as a global electronics services provider. Today, it is a leading global provider of technology services, products and solutions with established capabilities spanning marketing research, design and development, product and process engineering, design for manufacturability, supply chain management, as well as product refurbishment and technical support across a range of high-mix, high-value and complex products.
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