ikeGPS Group has reported its financial results for the first half of the 2024 financial year, with revenue of approximately $10.5 million, a 32% decrease compared to the same period last year.
Subscription revenue saw growth, reaching around $5.1 million, a 24% increase year-on-year.
However, transaction revenue declined by 60% to approximately $3.7 million.
The gross margin for the first half of FY24 was about $6.2 million, down 24% from the previous year, but the gross margin percentage improved to 59% from 53% in the same period last year.
IKE reported a net loss of around $6.9 million, in contrast to a $1.1 million profit in the first half of the previous financial year.
The decrease in profit was primarily attributed to lower gross margin and foreign exchange and asset fair value movements.
As of 30 September 2023, the company had cash and receivables amounting to approximately $16.3 million, with no debt and $1.2 million in payables.
IKE CEO Glenn Milnes acknowledged that the first half of FY24 was a mixed period for the company but highlighted strong growth in recurring subscription revenue and the acquisition of 40 new customers, which he believes positions the business well for the long term.
See more
