Kilimanjaro Consulting Group has reported a decrease in revenue from software and licenses of $0.31 million due to a reduction in MYOB Exo margins that is being challenged in court.
The board has also written down the goodwill of the Kilimanjaro Australian cash generating unit by $2.363 million, and the goodwill of the iSell cash generating unit by $1 million due to slower than expected customer acquisition, unexpected delays in the release of new features and changes in the discount rates.
The BNZ has provided a waiver of the 30 June 2022 banking interest cover and leverage covenant, and a modification to the group’s banking covenants until 30 June 2023.
Despite the financial challenges, Kilimanjaro has reported a 3% increase in recurring revenue, a 26% increase in contracted revenue and a New License Sales for MYOB of $2 million.
In light of the dispute with MYOB, Kilimanjaro have filed a case in the Federal Court of Australia and are investigating other options to diversify.
Enprise Group have reported growth in their associate companies Datagate and Vadacom, and have participated in their respective capital raisings.
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