Full Year 2024 Ikegps Group Ltd Earnings Call Transcript
Key Points
- Subscription revenue grew by 21% to NZD10.7 million, driven by IKE Office and IKE Office Pro products.
- Successful launch of IKE PoleForeman products, with total contract value exceeding NZD12 million.
- Gross margin percentage increased from 53% in FY23 to 60% in FY24.
- Strong customer retention rates, with IKE Office Pro having greater than 95% retention.
- No need to raise capital in the future due to a strong balance sheet.
- Total revenue declined by 31% to NZD21.1 million in FY24.
- Platform transaction revenue was down 61% to NZD7.3 million.
- Net loss increased by about NZD7.2 million in FY24.
- Operating expenses were high at NZD28.7 million, significantly impacting profitability.
- Reduction in R&D spending by about NZD1.1 million or 10%, which could impact future innovation.
Good morning, and welcome to Ikegps financial year 2024 financial performance review presentation from the company today, we have the company's CEO, Glenn Milnes and the company's Chief Financial Officer, Brian Musfeldt.
Before I hand it over to Brian and lend to go through the presentation up on the screen of. I'll just remind you that you can submit questions through the Q&A panel at the bottom of your screen, and we'll endeavor to get to those post the end of the presentation. Glenn, Brian, I'll hand it over to you. Thanks.
Thank you, Simon. Thanks, everyone, for taking the time to join in terms of the financial performance overview in FY25 outlook. So as we start please take note of this important notice. The -- what we would like to focus on today is the FY24 performance headlines that are now audited.
I'd like to take some time to talk about the FY25 outlook and where we are going
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