Integrated Research Reports Strong Growth in Full Year Results for 2023
Sydney, 12 July 2023 - Integrated Research (IR) (ASX: IRI), a leading global provider of user experience and performance management solutions for payment transactions and collaboration systems, has released its trading update for the year ended 30 June 2023. The company showcased a robust performance, reporting significant growth across various financial indicators.
The total contract value (TCV) for the year is expected to be in the range of $67 million to $69 million, indicating an impressive 18% to 22% increase compared to the previous corresponding period. The strong renewals period, coupled with new contract wins, contributed to this positive outcome. The Collaborate and Transact product lines experienced substantial growth, while Infrastructure also showed consistent improvement.
Geographically, the Americas region outperformed expectations, registering 3% to 7% growth across all product lines. The Asia-Pacific region continued its impressive performance with a growth range of 30% to 40%, surpassing expectations for both Collaborate and Infrastructure.
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Europe recorded 15% to 20% growth, primarily driven by Transact and Infrastructure, following a period of low volumes in the previous year.
For the fiscal year 2023, the company expects reported statutory revenue to be in the range of $67 million to $70 million, marking a 7% to 11% increase compared to the previous year. However, on a pro-forma basis, revenue is anticipated to be between $73 million and $76 million, indicating a slight decrease of 4% to 9%, mainly due to lower non-recurring revenue from services and testing.
Despite the challenging trading environment in the previous year, IR actively resized the business and continued its focus on cost management. Expenses increased slightly but were kept under 3%. Inflationary pressures, particularly related to salaries, employee costs, and travel, presented ongoing challenges as face-to-face meetings, events, and trade shows resumed.
However, despite these cost pressures, the company expects an impressive increase in statutory EBITDA (earnings before interest, tax, depreciation, and amortization) for fiscal year 2023. The anticipated range is $10 million to $13 million, representing an 18% to 53% growth compared to the previous year.
IR also achieved a notable increase in cash at bank, which rose by 51%, reaching $18. 6 million. This solid cash position reflects the company's strong focus on collections. It's important to note that this cash balance excludes restricted cash for security deposits.
Commenting on the earnings guidance update, John Ruthven, CEO of IR, stated, "The strength of the renewal base continues to underpin overall company performance, despite slightly weighted renewals in the first half and lower Collaborate renewals. While new business was slower than anticipated, we were pleased to secure signature new customer wins in the Collaborate portfolio. The improved cash position highlights the value of our blue-chip customer base. We are delighted to see growth in all geographic regions and across all three product lines. As we continue to implement the necessary changes, we remain confident in our priorities outlined in prior earnings announcements that are critical to driving the company's return to growth. "
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