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COSOL (ASX: $COS) reports continued strong growth in first half FY24 and flags further gain in second half

COSOL's Strong Performance in First Half FY24


COSOL Limited (COSOL, ASX: COS) has announced a robust performance for the six months ending 31 December 2023, with a notable increase in revenue and profit. The company's revenue for H1 FY2024 reached $49.1 million, marking a substantial 41.5% surge from the previous corresponding period. This growth resulted in an EBITDA of $6.5 million, up by 32.5%, and NPAT of $3.6 million, reflecting a 15.1% increase.

Executive Commentary on COSOL's Performance and Outlook


Chief Executive Officer Scott McGowan expressed satisfaction with COSOL's performance, highlighting the company's strong growth trajectory and the acquisition of AssetOn Group to accelerate its Asset Management as a Service strategy. McGowan emphasized the focus on growing the revenue share of higher margin recurring revenue, managed services, and proprietary software and solutions. He also noted the positive growth path for COSOL through H2 and into FY25, leveraging the full suite of asset management software and solutions.

Summary of COSOL's First Half FY24 Performance and Outlook


COSOL's first half FY24 results demonstrate continued strong growth, with significant revenue and profit increases driven by growth across all operating divisions, new contract wins, and extensions with blue chip corporate customers. The company remains optimistic about the second half, expecting further gains in revenue and earnings for the full financial year. With the acquisition of AssetOn Group and a focus on higher margin recurring revenue, managed services, and proprietary software, COSOL anticipates a positive growth trajectory into FY25. The company's ambitions align with the pressing need of major customers to find efficiencies in their capital-intensive networks and the growing market share of global platforms deployed by COSOL. COSOL's proprietary digital solutions are well-positioned to achieve greater market penetration and underpin the company's growth amidst macro-economic tailwinds propelling growth in its markets.

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