The iSentia Group Ltd (ASX: ISD) share price bolted 7 cents or 22% higher this morning to 38 cents after the media monitoring business reported an underlying net profit after tax & amortisation of $9.2 million on revenue of $122.5 million for fiscal year 2019.
On a statutory basis it reported a full year loss of $34.3 million due to a $41.1 million non-cash write down of "previously intangible assets".
Its adjusted EBITDA (backing out what it labels one-off restructuring costs, impairments, etc) came in at $23.1 million in line with guidance previously provided.
The group also reduced its net debt load to $28.3 million from $43.1 million as at June 30 2018 in another positive as it looks to build on its 'turnaround' strategy.
iSentia's CEO Ed Harrison, said: "In FY19, we pointed the company in a different direction with the appointment of a new leadership team and the launch of a new strategy. We realised significant operational efficiencies across the organisation through increased automation and the use of our Asia-Pacific network to optimise resource allocation."
On its outlook iSentia expects its 10.7% rate of revenue decline in FY 2019 to slow in FY 2020 at the same time as it makes "significant" operating and capital investments in new technology and products.
Consequently it expects FY 2020 EBITDA between $20 million to $23 million in a result that would be marginally down on FY 2019.
iSentia shares are down 18% over the prior year compared to a 5% rise for the S&P/ ASX200 (ASX: XJO).
