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Listed utility software developer Gentrack Group today reported full-year 2024 revenue of $213.2 million for the year to the end of September, up 25.5 per cent on 2023.
Earnings were $23.6 million, up slightly on the $23.2 million recorded in 2023 after being impacted by a $7.1 million charge against payroll costs on the group’s long-term investment scheme.
Net profit after tax was down slightly to $9.5 million compared with $10 million in 2023.
The strong revenue growth came in part from doing more with existing customers as they faced a myriad of drivers for system change, Gentrack reported.
These included regulatory and competitive dynamics, data insights from real time smart meter interactions, time of use pricing, customer experience, new operating models and per capita water consumption targets.
However, four new utility customers were also in 2024, including wins in Saudi Arabia and the Philippines, meaning Gentrack now has utility customers in eight countries.
“The pipeline of new opportunities continues to develop and, as we said in our May 2024 earnings forecast, we are targeting further wins in FY25 in our current markets and new territories,” Gentrack told shareholders today.
Last September, Genesis Energy selected Gentrack g2.0 in combination with Salesforce to transform its customer experience, drive digital innovation and reduce costs.
Gentrack said it was making good progress in the project, which would remain a key programme through the 2025 financial year.
Also during the year, Gentrack invested $12 million to secure a 10 per cent stake in Australian energy innovator Amber Electric.
Amber is an energy retailer that gives customers direct access to real time energy prices and the technology to automate their home batteries and electric vehicles.
“Our minority investment in Amber accelerates our roadmap in this key energy transition domain,” Gentrack said today.
“Their product is augmenting our solution well and we see encouraging interest in the combined Gentrack and
Amber solution.
“We are pleased to have achieved our first win on a joint Gentrack and Amber solution in Europe.”
The company’s airports division, Veovo, which operates in 23 countries and over 140 airports, was also playing a leading role in the digitisation and modernisation of the industry.
“We expect continued progress at Veovo,” Gentrack told shareholders.
With almost no customer churn and continued new customer wins, such as at Manchester Airports and the airports of Saudi Arabia, depth was being added to Gentrack’s recurring revenue base.
“We expect to secure renewals, upsells and new wins from our strong pipeline in 2025,” the company said.