Novatti Group Limited reported a 10% year-over-year revenue increase to $42.9 million in FY24, with a 19% decrease in normalized operating expenses and a 16% improvement in underlying EBITDA to ($12.5m).
The company implemented a $7 million cost reduction program and streamlined its business from 12 separate entities to four core divisions.
Novatti divested its interests in Reckon Limited and IBOA, targeting positive operating cash flow by the end of H1 FY25 on a run rate basis.
The company aims to increase gross margins on payment processing to 70% within three years and continues to review financial and risk performance of business lines and customers to align with long-term targets.
ASX Code: NOV