Key highlights of the report

Way2Vat Limited (ASX: $W2V) has released its preliminary final report for the year ended 31 December 2023. The report highlights a 5% increase in transaction volume, a 57% rise in reported revenue, and the addition of 95 new enterprise clients, including prominent names such as Eli Lilly, Nestlé Spain, and Sony Spain. The company also raised $2.6 million through a rights issue and oversubscribed share placement to drive growth and profitability. Additionally, Way2Vat secured an R&D funding loan of $272k from the Spanish Innovation Authority to support new product line technologies in travel and expense claim automation. The report also emphasizes a significant year-on-year reduction of total pro forma USD operating costs by 16% in FY23.

Executive commentary on FY23 results

The results for FY23 reflect our continued commitment to growth and innovation. We are pleased with the increase in transaction volume and revenue, as well as the expansion of our enterprise client base. The capital raised through the rights issue and share placement will enable us to pursue strategic opportunities and enhance our path to profitability. The R&D funding loan underscores our dedication to advancing our product line and staying at the forefront of technology in the travel and expense sector. The reduction in operating costs demonstrates our focus on operational efficiency and sustainable business practices.

Outlook and future plans

Way2Vat's strong performance in FY23 sets a positive trajectory for the company's future. The addition of key enterprise clients and the successful capital raise position the company for continued growth and market expansion. The R&D funding loan further strengthens the company's ability to innovate and develop cutting-edge solutions in the travel and expense automation space. With a focus on cost management and operational efficiency, Way2Vat is well-positioned to navigate the evolving business landscape. Looking ahead, the company remains committed to delivering value to its stakeholders and driving sustainable growth.