Gentrack, an ASX and NZX listed software solutions provider for utlities and airports, has posted financials showing strong growth in earnings for its first 2023 half year.
Revenue increased 47.7 per cent, reaching $84.3 million which includes $19.7 million from Bulb and other insolvent British customers.
Profit after tax was $7.9 million, reversing Gentrack's loss from last year.
The company pointed to its utilities and Veovo airports businesses as operating in markets with strong growth potential.
Gentrack won EnergyAustralia as a new customer for the HY2023, and went live with the Solar Home Bundle product for the electricity and gas provider in March on its cloud billing platform.
The solutions provider also said it won Mercury which is 51 per cent owned by the New Zealand government, in September last year, and is working with the gentailer to migrate their customers off SAP and onto Gentrack's multi-play platform.
This month, Gentrack was tapped by the Water Authority of Fiji to transform the latter's customer experience and to deliver operational cost savings.
For the full year 2023, Gentrack expects revenue to be between $157 and 160 million, which includes a one-off loss of $25 million from insolvent UK customers.
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