Integrated Research Ltd FY24 First Half Results

Integrated Research Ltd reported a 6% increase in Total Contract Value (TCV) and statutory revenue for the six-month period ending 31 December 2023.

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Integrated Research Ltd FY24 First Half Results

  1. Integrated Research Ltd reported a 6% increase in Total Contract Value (TCV) and statutory revenue for the six-month period ending 31 December 2023.

  2. Statutory EBITDA rose by 29% to $11 million, and Statutory NPAT increased by 248% to $11.2 million, primarily due to higher interest income from increased cash balance and interest rates.

  3. Cash at bank grew by 16% to $21.5 million as of 31 December 2023.

  4. Proforma revenue decreased by 2%, and proforma subscription revenue declined by 4%, mainly due to a high churn rate in the Collaborate business.

  5. TCV growth was strong in the Transact and Infrastructure segments, up 27% and 45% respectively, but Collaborate TCV declined by 15%.

  6. The Americas region saw a 50% increase in TCV, driven by a significant contract renewal, while Europe and APAC experienced declines of 31% and 42% respectively.

  7. Annual Recurring Revenue (ARR) was down 5% on the prior year, affected by substantial churn in the Collaborate business across all geographies.

  8. The company remains debt-free and did not declare an interim dividend.

  9. Key priorities for FY24 include growth momentum across all regions, winning new business, improving customer retention, managing costs, product innovation, and maintaining financial health.

  10. The company's focus is on targeting larger enterprises and industry verticals where their value proposition resonates, aiming for product-led growth.

This announcement is a summary of the company approved ASX announcement on 22/2/2024 and is based on facts.