IDT Australia's strong first half growth in 1HFY24

IDT Australia Limited (ASX: $IDT) has reported a remarkable 137% jump in total revenue, including other income, to $5.8 million for the first half of financial year 2024 (1HFY24). The company's strategic pivot has led to significant growth across all business verticals, particularly in the API, Specialty Orals, and Advanced Therapies segments.

Executive commentary on growth and outlook

Our positive outlook is further underpinned by our strong operating leverage, success in capitalizing on global emerging technologies shaping the global bio-pharmaceutical industry and organic growth in the sector we operate in. We have worked hard to ensure IDT is perfectly positioned to benefit from these multiple and significant tailwinds, which will drive further growth for our Company in FY24 and for years to come.

Summary of IDT's first half performance and outlook

IDT Australia Limited (ASX: $IDT) has experienced substantial growth in the first half of financial year 2024, with total revenue, including other income, surging 137% to $5.8 million. The company's strategic pivot has driven remarkable growth in the API, Specialty Orals, and Advanced Therapies verticals, with revenue from these segments showing significant increases. IDT is well positioned to deliver further robust growth and is on track to achieve positive net operating cash flow before the end of calendar 2024. The company's sales pipeline has expanded, and it has submitted proposals worth around $25 million since the start of the current financial year, with a focus on higher margin API and Advanced Therapies services. IDT's Chief Executive Officer, Paul McDonald, expressed confidence in the company's future growth, citing strong operating leverage and the ability to capitalize on global emerging technologies as key drivers for further expansion.