Gentrack returns to profit, upgrades full year revenue guidance

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Airports and utilities software developer Gentrack said it was focused on growing its international presence.
Photo: 123rf

Airports and utilities software developer Gentrack is back in the black, driven by strong revenue growth from both its trading divisions.

Key numbers for the 12 months ended September compared with a year ago:

Net profit $10m vs $3.3m loss
Revenue $169.9m vs $126.3m
Underlying profit $23.2m vs $8.1m
No dividend

Utilities revenue grew 37 percent, as it won new customers and sold more to existing customers.

But it said $27.6 million in revenue from insolvent UK-based customers would not carry over into the 2024 financial year.

Revenue from its airports division Veovo rose 21 percent, with five new major airport customers signed on as global travel rebounded.

“We continue to win new customers, including our first contract signing in the Middle East as well as delivering against recent wins and expanding services with existing customers,” the company told the share market.

“The aviation recovery has gone from strength to strength this year. Many airports are at or near to pre-pandemic passenger travel levels, driving a strong demand for digital transformation that can bring improved passenger experiences and better operational experience.”

Gentrack said it was focused on growing its international presence beyond its traditional markets of Australia, New Zealand and the UK.

The company has opened a offices in India and Singapore, and created a Middle Eastern hub in Saudi Arabia.

Gentrack upgraded its full year revenue guidance to about $170m, from the previous range of $157-160m, including the $27.6m hit from insolvent UK customers.