Gentrack Group Limited Analysis

Overview

Gentrack has an extensive history of developing, implementing and supporting its specialist software for energy utilities, water companies and airports. Established in 1989, Gentrack now has over 150 utilities and airports using its software, including some of the most innovative utilities companies in Australasia and the UK, and Tier 1 airports around the world.

Active involvement in deregulating energy markets, reforming water markets and rapidly evolving airport businesses has created unprecedented demand for Gentrack's software solutions and professional services. As a result our global presence is growing rapidly, now with offices worldwide including Melbourne, Brisbane, London, and Auckland.

Gentrack is a dynamic company thriving on a diverse and energised company culture. With proven solutions and a low risk approach to implementation we continue to demonstrate our commitment to on-time and on-budget projects. Backed by a team with local industry expertise, and the right AGILITY, ABILITY and ATTITUDE, we continue to deliver where our competitors can't.

Performance

The following information was extracted from Gentrack Group Limited's half year results, released 20 May 2024:

Results Summary

Revenue: $102m – up 21% on H1’23 and up 58% when excluding $19.7m of one-off revenues in prior period from insolvent customers.
EBITDA: $12.3m and tracking well against our FY24 guidance. H1’23 EBITDA of $16m included one-off high margin revenue from insolvent customers.
Statutory NPAT: $5.3m profit v $7.9m in H1’23
Cash: $39.3m after investing $12.9m in Amber during period v $41.9m at H1’23

Across the first half of the financial year, Gentrack has again delivered strong revenue growth, with even stronger underlying growth when allowing for oneoff revenues from last year. Growth is driven by recent and in-year new customers as well as upsells and upgrades for existing customers. In Utilities we have seen growth in all our core markets, (New Zealand, Australia, and the UK), and this financial year we have added Saudi Arabia as a source of growth. Veovo expanded its coverage of major airports with new wins in existing markets such as the UK and the Middle East.

In any given GDT Event the GDT website may display a range of results other than price, as explained:

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‘n.s.’ (not sold) means that no product was sold.
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For clarification where GDT publishes ' – ' or ‘n.s.’ (not sold) NZX results will also display a '-' or 'n.s'.

Where the GDT website displays ‘n.p.’ (not published), NZX will display the starting price. Note that the NZX results page will not differentiate between prices that are equal to starting price or those that have exceeded starting prices.

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Note that N/A in the table below means there has been no change between current and previous price.