Strong revenue growth drives earnings and guidance upgrade

TASK Group Holdings Limited (“TASK” or “The Group”) has reported strong revenue growth and a positive adjusted EBITDA result for the six months ended 30 September 2022 (1H23).

Group revenue was $26.6 million, up 97% on the prior corresponding period, with positive adjusted EBITDA of $2.0 million (1H22: -$7.0 million) and Reported EBITDA loss of $0.7 million ($7.0 million loss pcp).

TASK’s high margin SaaS revenue was $3.9 million and the division’s Annualised Monthly Recurring Revenue (AMRR) was up 25% year-on-year.

The Group posted a net loss after tax of $4.6 million in 1H23 (1H22 -$8.5 million), a 46% improvement upon the prior corresponding period.

The Group had a cash position of $24.2 million at period end and reported a positive operating cashflow of $10.1 million in 1H23 (1H22: -$7.8 million).

In light of the improving revenue and earnings trend reported for the last six months, the