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Kinatico (ASX: $KYP) reports 159% SaaS revenue growth in H1 FY24

Kinatico's H1 FY24 financial report and performance


Kinatico Limited (ASX: $KYP) has reported its half-year financial results for the period ended 31 December 2023. The company's principal activities during this period included providing simplified compliance solutions through a Software-as-a-Service (SaaS) delivery model. The company's SaaS revenue experienced significant growth, reaching $4.4 million, marking a 159% increase from the previous corresponding period. SaaS revenue accounted for 31% of the total revenue, a substantial rise from 12% in the prior corresponding period.

Executive commentary on financial performance and outlook


The ongoing establishment of Kinatico as the leader in simplified workforce compliance has resulted in remarkable SaaS revenue growth. This growth has been driven by the migration of long-term transactional customers to full lifecycle compliance contracts and an increasing percentage of new customers entering into SaaS agreements. Despite challenging macro-economic conditions, the company achieved its highest revenue half ever and the highest percentage of SaaS revenue. The company's focus remains on operational efficiency, solution enhancement, increased revenue (particularly SaaS revenue growth), and overall profitability. Kinatico continues to build its transformative position as a leader in simplified daily compliance management and is attentive to the retention of key staff, leadership, and growth of its people.

Summary of H1 FY24 performance and outlook


In the first half of FY24, Kinatico Limited (ASX: $KYP) achieved significant growth in SaaS revenue, reaching $4.4 million, representing 31% of the total revenue. The company's strategic shift towards daily simplified compliance management resulted in the highest revenue half ever and a substantial increase in SaaS revenue. The company's financial performance also saw a notable improvement, with a Net Profit of $357,254, almost double the result from the previous corresponding period. Kinatico's focus for the remainder of the year includes ongoing operational efficiency, solution enhancement, increased revenue (particularly SaaS revenue growth), and overall profitability. The company aims to maintain its position as a leader in simplified daily compliance management and is committed to the retention, leadership, and growth of its people.

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