Novatti Group's FY24 results and ASX compliance confirmation

Novatti Group Limited (ASX:NOV) has confirmed its compliance with the ASX Listing Rules, including Listing Rule 3.1, in response to a price query from ASX. The company reported significant year-on-year improvements in its unaudited FY24 results, including a 10% increase in revenue, a 19% decrease in operating expenses, and a 16% improvement in underlying EBITDA. Novatti Group also highlighted its progress towards achieving the goal of positive operating cashflow by the end of H1 FY25.

Executive commentary on recent trading and company's strategy

NOV is unaware of any specific reason for the recent trading in its securities other than continued successful execution of the company's strategy to simplify its business and lift financial performance, demonstrated through recent announcements to ASX. This includes the release on 30 August 2024 in which the unaudited FY24 results highlighted significant year-on-year improvements, including a 10% increase to revenue, a 19% decrease in operating expenses and a 16% improvement in underlying EBITDA. Similarly, the announcement on 29 August 2024 and amended Appendix 4C noted operating cash use reducing to $1.9m for the June quarter highlighting continued progress to achieving the company's goal of positive operating cashflow by the end of H1 FY25.

Summary of Novatti Group's response and outlook

Novatti Group Limited (ASX:NOV) has responded to ASX's price query, confirming its compliance with the Listing Rules and providing details of its successful execution of the company's strategy, as evidenced by the unaudited FY24 results. The company's focus on simplifying its business and improving financial performance has resulted in significant year-on-year improvements, including a 10% increase in revenue, a 19% decrease in operating expenses, and a 16% improvement in underlying EBITDA. Novatti Group also highlighted its progress towards achieving positive operating cashflow by the end of H1 FY25. The company's response indicates a positive outlook and a commitment to its corporate strategy and financial goals.