Chinderah-based Early Warning Network operator Aeeris logs full-year loss of $251,940

A listed Tweed disaster warning company with government contracts across Australia and New Zealand has posted a 601 per cent drop in profit.

Aeeris operates the Early Warning Network of SMS and other alerts to potentially destructive weather and other events.

LISTED emergency weather alert company Aeeris has logged an alarming 601 per cent drop in full-year profit.

In a report lodged shortly before 5pm on Monday, Aeeris reported increased revenue, from $1.38 million to $1.53 million, but revealed its earnings per share ratio swung 589 per cent from profit of 0.09cps to a loss of 0.44cps.

Shareholders responded by slicing 30 per cent off the company’s share price, sending it from 15c to 10.5c by the close of market on Tuesday.

Despite reporting a five-fold increase in cash flow in the last quarter of the financial year, the company, based in the Tweed Coast town of Chinderah, said it had swung to a $251,940 loss from a $50,254 profit in the 2018 financial year.

The company maps live data from multiple sources regarding severe weather, fire, traffic and other hazards, enabling clients to communicate with staff regarding safety issues in real time. Its services also enable customers to monitor, map and track staff, contractors, assets and operations and manage security and facility access.

Kerry Plowright, CEO of listed company Aeeris. Pic John Gass

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It receives the bulk of its income from subscription fees to its services such as the Early Warning Network system, with local councils, government bodies and insurers across Australia subscribing to emergency alerts via SMS, email, on Facebook, Twitter, the web and other platforms to warn residents of incoming natural disasters or other potential dangers.

Aeeris’s auditors MNSA said, despite “previous operating losses and cash flow deficits” and a “heightened degree of judgement” over the group’s future, it determined there were no material uncertainties that cast significant doubt on its ability to continue as a going concern.

The company endured a cyber attack in January, which saw fake emergency alerts sent to its customers.

Aeeris listed on the ASX on April 1, 2015 after raising $3.5 million through an initial public offering at 25¢ a share.