Melbourne, Australia, 31 August 2023: AD1 Holdings Limited (‘AD1’, the ‘Company’ or the ‘Group’) (ASX: AD1), a technology company with a growing portfolio of market-leading software businesses, is pleased to announce its full year results for the financial year ended 30 June 2023 (FY23).
Key highlights
-- Annual Group revenue of $6.4 million, an increase of 7% on the prior corresponding period (pcp) of FY21 and cash receipts from customers of $7.3 million, an increase of 8% on pcp
-- Art of Mentoring (AoM) delivered strong year on year (YoY) revenue growth of 36%, with good customer wins in both Australia & North America
-- ApplyDirect has delivered growth of 9.5% whilst maintaining its strong customer base
-- Utility Software Services (USS) continues to be wound down with ongoing sub-licencing of the software from 1 September 2023
-- Research and development (R&D) tax incentive of $1.3 million, reflecting AD1’s strong investments in technology and products to further drive growth
Commenting on the FY23 results, AD1 Holdings Chief Executive Officer, Mr Brendan Kavenagh said: “We are pleased to have achieved a solid year of growth with key customer wins across the Group. Over the course of the year, we invested heavily into sales and marketing, development of products, and technology to set a strong foundation for growth, and we have already seen benefits with increased upsell activities, new customer wins and renewals.
Moving into FY24, we are well positioned to capitalise on a strong pipeline of contract wins which continues to grow year on year. AD1 will remain focused on executing its growth strategy and deliver on its geographic expansion, specifically in North America, while further improving its product suite and growing its portfolio of SaaS businesses.
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