IDT Records Strong First Half Growth as its Strategic Pivot Gains Traction

IDT Australia Limited reported a revenue increase of 137% to $5.8 million in the first half of FY24 compared to the previous corresponding period.

Purple Pipette

IDT Records Strong First Half Growth as its Strategic Pivot Gains Traction

  1. IDT Australia Limited reported a revenue increase of 137% to $5.8 million in the first half of FY24 compared to the previous corresponding period.

  2. The API (Active Pharmaceutical Ingredients) business vertical experienced the most substantial growth, with revenue surging more than tenfold to $2.8 million.

  3. The Specialty Orals and Advanced Therapies verticals also saw strong revenue growth, with increases of 12.2% and 673%, respectively.

  4. The company's strategic pivot towards higher-margin services, particularly in the API and Advanced Therapies sectors, has been successful.

  5. Growth is anticipated to continue through FY24 and beyond, driven by an expanding sales pipeline, operating leverage, and exposure to fast-growing industry trends.

  6. IDT's facilities are cGMP compliant and are regularly audited by the US FDA and Australian TGA, highlighting their commitment to high-quality manufacturing standards.

  7. The company has secured $6.1 million in customer contracts for its Advanced Therapies vertical in the past three months, including significant contracts for ADC linkers and a Victorian government contract.

  8. IDT's sales pipeline has expanded to over 188 leads, with proposals worth around $25 million submitted since the start of the current financial year, primarily for higher-margin API and AT services.

  9. IDT's CEO, Paul McDonald, expressed a positive outlook for the company, emphasizing strong operating leverage and the ability to capitalize on emerging global biopharmaceutical technologies.


  10. The company is on track to deliver its first quarter of positive net operating cash flow before the end of calendar 2024 as part of its strategy to return to profitability.

This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts.