The financial year to March 31 produced improved figures for global operator IkeGPS Ltd (NZX & ASX: IKE).
The company had recognised revenue of $NZ7.7 million, 37% higher against FY17.
The company reported additional deferred IKE4 unit revenue of $1.2 M and an 86% growth in revenue of higher margin IKE-branded products.
The company said in the final quarter it achieved about $1.2 M operating cash flow positive, impacted by positive timing differences on receipts and payments.
Operating expenses for the year were $10.8 M, $2.4 M lower than PCP and the reduced net loss was “trending positively.”
Net loss after tax for the year was $6.7 M – a 37% improvement on FY17. In the last half of the year the net loss was $2.3 M.
In the second half of the year the new ‘IKE Analyze’ product was launched and delivered, providing potential “for IKE to significantly increase revenue from some target accounts..”
The company said the expectation for FY19 was for a lift of 30% in revenue and gross margin growth against FY18, and an operating cash flow break-even for the year.
Companies mentioned in article