Urbanise (ASX: $UBN) H1 FY2024 Key Highlights

Urbanise (ASX: $UBN) has reported a total H1 FY2024 revenue of $6,269k with growth from new, backlog, and existing customers offset by reduced licenses, loss of customers, and a temporary reduction in license fees. The EBITDA loss of $1.5m improved by 29.1% due to lower operating expenses. The contracted Annual Recurring Revenue (CARR) increased by 4.0% to $12.8m at December 2023 compared to the prior corresponding period.

Executive Commentary on H1 FY2024 Performance

Simon Lee, CEO, and Michelle Garlick, Interim CFO, highlighted the progress made in H1 FY2024, with sales strategies delivering $0.8m in additional license revenue and an ongoing focus on a strong pipeline with improved sales conversions. The completion of a comprehensive operational and cost review in Q1 FY2024 is expected to deliver $2.4m improvement in cash flows by Sep 2024, with potential to exceed the target. Furthermore, the board renewal was achieved with the appointment of Darc Rasmussen as Chairman and James Hourn as Non-Executive Director.

Urbanise (ASX: $UBN) H1 FY2024 Summary and Outlook

In H1 FY2024, Urbanise (ASX: $UBN) demonstrated progress on key priorities, with a focus on sales growth, operational cost review, and customer retention. The company reported a 4.0% increase in Contracted Annual Recurring Revenue (CARR) to $12.8m at December 2023, reflecting ongoing demand for Urbanise's platforms from strata and facilities managers. The revenue for H1 FY2024 was $6,269k, with growth from new, backlog, and existing customers offset by reduced licenses, loss of customers, and a temporary reduction in license fees. Urbanise aims to maximize market share in ANZ and UAE, extend its footprint in Asia and the Middle East, and make further progress towards achieving cashflow breakeven in FY2025.