ikeGPS Group Ltd (AU:IKE) has released an update.
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ikeGPS Group Ltd, renowned for its growth in subscription-based services, has reported a significant year with 59 new U.S. subscription customers and a robust pipeline of contracts, including more than 3,900 new subscribers for their IKE PoleForeman platform, indicating strong momentum going into FY25. Despite a dip in transaction revenue in FY24, recurring subscription revenues remain high, accounting for 89% of the $21.1m revenue, with a 95% customer retention rate and a strengthened balance sheet featuring $15.4m in cash and no debt. Looking ahead, the company anticipates a 40% rise in subscription revenue and continued margin improvements due to a shift towards higher-margin subscription offerings.
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