Utilities software specialist Gentrack Group has reported an $8.7 million first-half loss after writing off the value of airport software developer CA Plus it acquired in 2017.
The company, which provides billing and customer management software for power companies, airports and water providers, says CA Plus was acquired as an early-stage developer of airport retail and concessionaire systems for retailers.
But it has not performed and Gentrack has written off its $14.6 million carrying value. Goodwill and deferred consideration had been revalued in September with a net $100,000 impact at the time, but sales growth expected in the six months to March 31 has also not been delivered.
"Expected sales growth has not been delivered and we are taking the decision to write the investment off," Auckland-based Gentrack said in a statement to NZX.
"Notwithstanding this, there is clear demand for a solution to manage concessionaire revenues in the global airports sector. We are integrating the business into the Airport 20/20 portfolio and still see value to be recovered from our investment."