27 Jun 2024

Gentrack Joins S&P ASX Tech Index and Celebrates 10 Years on ASX and NZX

As of June 24, 2024, Gentrack (ASK: GTK) proudly joined the prestigious S&P ASX All Technology Index, marking a significant milestone in our growth and recognition in the tech sector, particularly in Australia.

This achievement reflects our robust performance and influential role as utilities globally look to transform.

A Decade of Innovation and Growth

This year Gentrack also celebrates 10 years since our listing on the ASX and NZX. Over the past decade, we have undergone substantial growth and our own transformation, expanding our reach and capabilities to serve a diverse customer base across 7 countries and 16 regulatory markets in both the energy and water sectors.

Leading the Charge in Utility and Airport Software Solutions

Our suite of innovative products plays a crucial role in helping utility companies manage billing, end to end customer experience, meter data and analytics. Our cutting-edge software enables utility providers to streamline operations, enhance customer service, and comply with regulatory standards.

In the aviation sector, our subsidiary Veovo supports critical airport operations, including flight information display, resource management, and passenger tracking. This comprehensive solution helps airports optimise resources, improve passenger experiences, and maintain smooth operations.

FY24 Half-Yearly Results

Both the airport and utilities industries are undergoing significant transformation, driving our strong growth. In the first half of the year, we reported a 21% increase in revenue, reaching $102 million. This revenue increase was achieved despite losing $19.7 million of one-off revenues in H1’23 from insolvent customers. EBITDA and statutory NPAT were $12.3 million and $5.3 million respectively, in line with FY24 guidance. Cash at the end of the period was $39.3 million, after investing $12.9 million in Amber Electric during the period, compared to $41.3 million at H1’23. See our FY24 Half Yearly results here.

Timeline of Key Milestones

For over 35 years Gentrack has been partnering with the world’s leading utilities. Gentrack, with our partners Salesforce and AWS, are leading today’s transformation with g2.0, an end-to-end product-to-profit solution. Using low code / no code, and composable technology, g2.0 allows utilities to launch new propositions in days, reduce cost-to-serve and lead in total experience.

Below is a timeline showcasing some key moments in our history:

  • 1994: First Australian Customer in ActewAGL
  • 2002: Welcomed PNG Power and NT Power and Water to Gentrack
  • 2005: Supported Vector in New Zealand; Red Energy entered the Australian market with Gentrack
  • 2006: Partnered with Perth Energy
  • 2010: Horizon Power deployed Gentrack
  • 2014: Entered the UK market, helping to take Ovo Energy to market; Listed on NZX & ASX
  • 2017: Launched Managed Service offering with customer Pure Planet; Deregulation of non-contestable market in Singapore.
  • 2018: Acquired Junifer Systems, cementing our position in the UK market; Partnered with AWS and completed the purchase of Evolve Analytics
  • 2021: Became a platinum AWS Partner; Major migrations in the UK energy sector
  • 2022: Completed multiple 5-Minute Settlement compliance projects in Australia; Delivered Faster Switching to support the UK energy sector
  • 2023: Completed major transformation as Mercury Energy acquired Trustpower in NZ; Signed Senoko Energy in Singapore; Included in the S&P NZX50 and MidCap Index; Signed EnergyAustralia and launched their Solar Home bundle solution; Opened an office in the Middle East and signed our first customer in the region
  • 2024: Invested in Amber Electric; Listed on S&P ASX All Technology Index; Finalist for “Company of the Year” at the NZ Hi Tech Awards

Looking Ahead

The level of growth we are experiencing in our core markets of Australia, New Zealand, and the UK is a testament to the industry’s evolution and our ability to lead this change. We are supporting new customers and ongoing change programs across each of these geographies.

With our composable Billing and CRM platform, we announced expansion into Europe, the Middle East, and South-East Asia over a year ago. As we embark on our second decade as a publicly listed company, our focus remains on leveraging our expertise to meet the evolving needs of our customers.

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