Gentrack's FY24 financial results

Gentrack Group (ASX:GTK) has announced significant financial achievements for the fiscal year 2024. The company reported a 25.5% increase in revenue, reaching NZ$213.2 million. Growth was driven by a 22.6% rise in Utilities revenue and a 45.5% increase in Veovo revenue. Despite increased costs from long-term incentive schemes, EBITDA saw a modest increase to NZ$23.6 million. Gentrack maintains a strong cash position with reserves of NZ$66.7 million.

Key takeaways and future outlook

Gentrack Group's FY24 results showcase strong revenue growth aided by robust performance in core segments. With a focus on strategic R&D and market expansion, the company aims for over 15% CAGR in revenue. Gentrack continues to target a 15-20% EBITDA margin after development costs. The company is confident in ongoing revenue and EBITDA improvement in FY25, supported by market expansion in Saudi Arabia and the Philippines. Gentrack remains committed to leveraging technology for customer engagement and exploring M&A opportunities.

Executive insights on financial performance

The strong growth in revenue, particularly in Utilities and Veovo, highlights the demand for our innovative solutions. While EBITDA was impacted by LTI costs, we anticipate these costs will reduce in coming years, supporting margin expansion. Our strategic focus remains on enhancing our core markets and expanding internationally.