The Pie Australian Dividend Fund and The Pie Growth 2 Fund recently took a position in Gentrack Group (GTK). GTK develops, implements and supports enterprise billing software solutions for utilities and airports in New Zealand, Australia, and the UK. It had a troubled start to life as a listed company, but we believe that things are heating up at this Kiwi world-beater. GTK listed in 2014 and proceeded to downgrade six weeks later, due to a delay in a contract with a major customer. GTK was severely punished by the market and in 2015 it appointed new chief executive Ian Black to lead a turnaround in the business. GTK recently proved that the turnaround is in full force, smashing expectations at its first-half result. GTK beat guidance with revenue up 26% on the previous corresponding period to $23.3 million (guidance: 20%) and Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) up 22% on the previous corresponding period to $6.7 million (guidance: 20%).