Gentrack back in black after surviving UK energy sector slump

Chief executive Gary Miles. (Image: Gentrack)

Tue, 28 Nov 2023

New Zealand stock exchange-listed Gentrack returned to profit and no longer saw a material threat from changes to the United Kingdon’s renewable energy subsidies that tipped over a number of retailers that were the software firm’s customers. Net profit was $10 million in the 12 months ended Sept 30, turning around a loss of $3.3m a year earlier when the utilities software developer accelerated its investment in new technology as it sought to navigate its way out of the earlier slump. Revenue climbed 34.5% to $169.9m,...

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