Rubik records double-digit growth

Rubik records double-digit growth

Rubik Financial has announced its fourth consecutive year of double-digit growth as the fintech provider continues to move away from a product focus and towards a platform solutions focus.

In a statement released yesterday, Rubik announced an 11.4 per cent increase in revenue to $43.3 million for 2015-16, with recurring revenues contributing 73 per cent.

Underlying earnings before interest, tax, depreciation and amortization increased by 32.3 per cent to $6.5 million, up from $4.9 million in 2014-15, Rubik said.

Operating cash flow saw a return to positive, at $1.0 million, and net loss after tax (NLAT) was $2.7 million in 2015-16, compared with NLAT of $14.1 million in 2014-15, the statement said.

Rubik will continue to focus on its financial services, banking, and collections and international areas as part of the company's transition from a product to a platform solutions focus, the statement said.

“[We have] a key focus on transforming our products into integrated solution platforms, providing customers with access to best practice foundations, innovation and scale regardless of their size," chairman Craig Coleman said.

“Rubik has delivered on performance expectations whilst also undergoing a period of significant transition and investing in growth for the future.

“We have seen not just a stronger year than last, but a heightened stability instilled across the business, leaving us on an excellent footing going into the new financial year,” he said.

Rubik records double-digit growth
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