H1 FY24 Market Release
We report our H1 FY24 results for the half year ended 30 September 2023. Revenue was NZ$25.5 million (down 23% on the prior corresponding period — the comparable period had benefited from extraordinary 42% growth on very strong IBM Q1 FY23 results). Gross Margin surged 530bp to a record 60.8% (Q2 at 63.0%), Adjusted EBITDA was NZ$1.7 million (more than triple the pcp), Operating Cash Flow was NZ$3.6 million (versus -NZ$0.56m pcp), and Free Cash Flow was NZ$2.1 million — a ~NZ$4 million turnaround on the prior corresponding period.
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