SOCO Corporation's AGM insights

SOCO Corporation (ASX:SOC) held its 2024 Annual General Meeting on October 30, 2024. The meeting detailed financial results, strategic plans, and future guidance. CEO presented an overview of fiscal performance and company direction.

SOCO Corporation's strategic outlook for FY2025

SOCO Corporation's 2024 AGM highlighted significant improvements in financial performance and strategic goals. The company reported a revenue of $20.0 million for FY2024, with a positive Operating EBITDA of $0.8 million in Q4. The acquisition of AxSym Technology was a key contributor to sales growth. Moving forward, SOCO plans to focus on high-value business applications and expand its geographic and industry reach. With a forecast of 30% revenue growth for FY2025 and $18 million worth of signed work already in place, SOCO is set on a path of continued growth and profitability.

Executive comments from SOCO Corporation's AGM

The acquisition of AxSym Technology has been beneficial, contributing to joint sales, cross-sales, and leadership integration. We are focusing on expanding our geographic reach and increasing industry diversity. Our strategic goals include restoring profitability, rebuilding company culture, growing the team, and evolving processes to set up for future success. We expect a profitable Operating EBITDA in Q1 FY2025, with revenue consistent with Q4 FY2024.