Acusensus reports 24.7% revenue increase in 1H FY24

Acusensus Limited (ASX: $ACE) has released its Appendix 4D and Half-Year Financial Report for the six months ending 31 December 2023, showing a 24.7% increase in revenue compared to the same period in 2022. The company's revenue totaled $24,735,744, attributing the growth to various contracts in Australia and expansion in international markets such as the United Kingdom and the United States. Despite the revenue growth, the operating loss after income tax expense remains relatively in line with the prior year due to higher operating expenses as the business invested for future growth.

Executive Commentary on Revenue and Growth

The strength and demand for the Company's products in Australia has continued and is evidenced by the signing of new contracts, as well as, extension and expansion of existing contracts. Further to the aforementioned contracts, the Company announced various significant contracts, including a contract with the Queensland Department of Transport and Main Roads for the provision of phone awareness monitoring and tailgating monitoring services to support public awareness road safety initiatives. The estimated total contract value over the term of the agreement is in excess of $0.6 million. Additionally, the Company extended the existing mobile phone detection camera agreement with Transport for New South Wales for an additional year of services until 30 November 2024, with an expected contract extension value totaling $4.1 million. The Company is also making progress with new product development initiatives, such as the Acusensus Guardian roadworker protection product and impaired driving project, expected to commence real-world testing in the coming months.

Summary of 1H FY24 Report and Outlook

Acusensus Limited's 1H FY24 report reflects a significant revenue increase driven by contracts in Australia and expansion in international markets. The company's focus on road safety technology has led to the signing of new contracts and the extension of existing ones, demonstrating the demand for its products. The company continues to invest in new product development initiatives and is well-positioned for future growth. With the announcement of various contracts and the ongoing progress in new product development, Acusensus appears to be on track to achieve its goals and expand its market presence in the road safety technology sector.