SOCO Corporation's FY2024 performance and future plans

SOCO Corporation (ASX:SOC) shared insights from their Annual General Meeting about the fiscal year 2024. The company reported a revenue increase of 11.7% to $20.6 million despite challenges. They achieved profitability in the fourth quarter with an Operating EBITDA profit of $0.8 million on $6.2 million revenue. The acquisition of AxSym was a key achievement, enhancing capabilities and client base.

SOCO Corporation's future outlook and strategic goals

SOCO Corporation faced a difficult FY2024 but ended the year on a positive note with a profitable fourth quarter. The successful acquisition and integration of AxSym contributed to expanding their client base and capabilities. Looking ahead to FY2025, SOCO plans to focus on technological advancements, particularly with Microsoft, and expand geographically in Queensland, NSW, and Western Australia. They anticipate 30% revenue growth and have secured over $18 million in signed contracts for the year. The company is also pursuing opportunities across government panels to drive further growth.

Executive insights on SOCO Corporation's performance

Despite a challenging year, we focused on making operational adjustments that have returned us to profitability. The acquisition of AxSym has been instrumental in expanding our service offerings and client base.