AUCKLAND: Gentrack, a leading provider of software solutions for utilities and airports, announced its financial results for the year 2023, showing impressive growth in revenue, EBITDA, cash, and net profit.
The company also highlighted its strategic achievements, such as launching its new g2.0 platform, winning new customers in the Middle East, Southeast Asia, and Europe, and investing in its engineering centre in India.
The company’s revenue increased by 36.4% to $169.8m, driven by a 36.7% growth in its Utilities business and a 21.3% growth in its Veovo airports business.
The Utilities business benefited from new contracts and upsells with leading energy and water customers, such as Genesis Energy, EnergyAustralia, and Saudi Arabia’s first energy and water contract.
The Veovo business saw strong demand for its digital transformation solutions, such as Aero-Billing, Airport Operations, and Passenger Flow, from tier 1 and 2 airports in the Middle East and Europe.
The company’s EBITDA grew by 185.9% to $23.2m, while its net cash increased by 79.8% to $49.2m. The company also returned to a net profit of $10m, after a loss of $8.4m in the previous year. The company attributed its improved profitability to its operational excellence, cost management, and product innovation.
The company also shared its vision for the future, expressing its excitement about the opportunities in the dynamic markets it serves.
Chair Andy Green said it is well-positioned to help its customers modernise their business and meet their sustainability and cost targets, with its new g2.0 platform, which integrates Salesforce’s Energy and Utility Cloud, and its distributed energy management solution, which enables innovative products such as Solar Home Bundle.
The company also said it is expanding its international footprint, beyond its core markets of the UK, Australia, and New Zealand, and has established regional hubs in Singapore and Saudi Arabia, and built a qualified pipeline across several countries in Southeast Asia and EMEA.
The company also said it is investing in its centre of engineering excellence in India, where it has over 100 people.