Valuation firm Landmark White expects to be back in the black by the second quarter of 2020, according to its annual report, lodged with the ASX after trade on Wednesday.
It comes asthe firm posted a loss for the 2019 year of $15.1 million after it was hit with a major security breach in late January then a data theft in May. That saw the company go into an extended trading halt.
Since its return to trade it has raised $5 million in a share issue and is also conducting a share buyback of 7.2 per cent of the register.
In the annual accounts chairman Keith Perrett said”LMW is recovering from the second incident and expects to return to profitable trading from quarter two in the financial year 2020″.
“As a result of these incidents, LMW incurred significant response and remediation costs and has subsequently invested heavily in enhancing its IT platforms, hardware and software security as well as privacy and data policies, training and data recovery plans,” Mr Perrett said in the report.
He said the net cash flow from the post year end equity raising will enable the business to restructure its operations in line with an anticipated lower ongoing revenue base following the data disclosure incidents.
The company has also confirmed that the acting chief executive Tim Rabbitt will take up the position full time.
Landmark White shares closed at 12¢.
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