EROAD is repositioning for a changing environment 

EROAD, a transportation technology services company, has released its financial results for the six months ended 30 September 2022.

Reported Revenue increased from $48.0m to $85.4m, and Annualised Monthly Recurring Revenue (AMRR) increased 18% from $134.6m in H2 FY22 to $158.3m in H1 FY23.

EBIT increased from a loss of $0.4m to a reported profit of $1.0m, and Normalised EBIT loss increased from $2.5m in H2 FY22 to $3.4m in H1 FY23.

The company remains on track for Normalised Revenue of between $154m - $164m, and for FY23 Normalised EBIT of between $-5m and breakeven, subject to FX movements.

EROAD has taken a number of steps to reduce its cost base and run the business more efficiently, and is focusing on a more disciplined market strategy in the North American market.

The company is expecting revenue growth to continue and is seeing the benefits of the improved market fit of Coretex products with higher gross sales in North America.