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Urbanise.com (ASX: $UBN) reports marginal decline in revenue for H1 FY2024

Urbanise.com Limited Interim Financial Report FY2024


Urbanise.com Limited (ASX: $UBN) has released its Interim Financial Report for the half-year ended 31 December 2023. The report presents a marginal decline in revenue for the first half of the financial year 2024, with a net loss after tax of $1.56 million. The company's net assets stand at $6.66 million, inclusive of cash reserves of $3.76 million, with no significant external debt or borrowings.

Executive Commentary on H1 FY2024 Performance


During the first half of FY2024, Urbanise experienced a marginal decline in revenue, amounting to $6.27 million, in contrast to $6.32 million generated in the corresponding period of the prior year. The company increased its license revenue to $5.77 million for H1 FY2024, compared to $5.56 million in H1 FY2023. This growth was driven from increased sales to new and backlog customers, as well as existing customers, which more than compensated for losses from customer churn and temporary reductions in license fees. A comprehensive operational review completed in Q1 FY2024 led to a reduction in operating expenses of $0.7 million or 8% compared to the previous corresponding period. This reduction was achieved through cuts in headcount and overhead costs, contributing to the improvement in operating EBITDA loss to $1.52 million in H1 FY2024 from $2.14 million in H1 FY2023. The Board and Management continued to oversee costs and cash management, while maintaining focus on growth opportunities to uphold Urbanise's position as a market leader in the cloud-based Strata and Facilities sectors.

Summary of Interim Financial Report and Outlook


The Interim Financial Report for the half-year ended 31 December 2023 indicates a marginal decline in revenue for Urbanise.com Limited in H1 FY2024, with a net loss after tax of $1.56 million. The company's net assets stand at $6.66 million, inclusive of cash reserves of $3.76 million, with no significant external debt or borrowings. Urbanise.com experienced a marginal decline in revenue, but managed to increase its license revenue and reduce operating expenses, leading to an improvement in operating EBITDA loss. The company's focus on growth opportunities in the cloud-based Strata and Facilities sectors remains steadfast, and it aims to continue upholding its position as a market leader. The company's detailed 3-year forecast, including revenue, employee costs, other expenses, and working capital changes, indicates that it has enough cash on hand to fund the business at the forecast levels of revenue and cost. Urbanise.com Limited is confident in its ability to achieve the projected cash flow and continue as a going concern.

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