Gentrack reports 25.5% growth in FY24, delivering on global expansion and key transformation projects 

• Utilities revenue grew by 22.6%, driven by the addition of 4 new logos, including customers in the new territories of the Philippines and Saudi Arabia. Excluding FY23 non-recurring revenues from UK insolvencies, revenue growth was 51% 

• Gentrack’s airport division, Veovo delivered 45.5% revenue growth, by expanding it’s 140+ airport customer base with new wins in the Middle East and the UK 

Gentrack Group today announced its end-of-year financial results for FY24, reporting significant growth driven by new customer wins, strong recurring revenue, and a commitment to supporting utilities and airports with modern technology solutions.  

Financial Highlights 

Revenue grew by 25.5% to $213.2M and was above guidance, driven by the company’s strategic focus on innovation and customer satisfaction. Inclusion in the ASX300 and S&P NZX50 MidCap Index further reflects strong investor confidence in its strategy and future potential.  

The company achieved a 35.6% increase in net cash, demonstrating financial strength and ability to support future growth initiatives. This increase is after the $12.9M Amber Electric investment during the year. 

EBIDTA came within Gentrack Guidance at $23.6M. 

Utilities revenue grew by 22.6%, with 51% growth excluding $27.6M from one-off FY23 insolvencies from UK customers, who are now fully exited.  

Gentrack’s Veovo subsidiary delivered 45.5% revenue growth, supported by strategic implementations across APAC, Europe, and the Middle East.  This was 25% up excluding $6.8M of hardware sales.  

Looking Ahead 

Gary Miles, CEO of Gentrack Group shared his outlook for FY25: 

“Our strong performance this year shows the growing demand for innovative solutions across utilities and airports. With a robust pipeline in Europe, the Middle East, and Asia, we anticipate new contracts in FY25. Gentrack remains committed to driving value for our customers through modernisation, sustainability, and innovation.” 

Full details of our results: https://gentrack.com/annual-results-30-sept-24