Beamtree continues to perform in line with previously disclosed FY24 outlook guidance driven by strong customer renewal rates at historical levels in excess of 95%, deepening our relationships with key partners Abbott and Lean in Saudi Arabia plus continued success in penetrating our core international markets the United Kingdom, Canada and Saudi Arabia.
Beamtree’s sales pipeline remains strong, supported by significant opportunities in core overseas markets, and provides a foundation for the goal of achieving $60m of ARR by the end of 2026. Key highlights for 1H FY24 were:
- Group Revenue for 1H FY24 was +23% versus the prior corresponding period (“pcp”);
- International revenue growth was 45% pcp with geographic expansion achieved in target markets in the UK, Canada and Saudi Arabia. We have, for example, doubled our footprint in the UK following four contract wins in 1H. International revenue now accounts for over one-third of the Company’s total revenue;
- Significant pipeline wins and milestones achieved in 1H across all four core divisions;
- Annual recurring revenue at the end of 1H FY24 was $24.2m (up 20% from $20.1m 1H FY23);
- Operating loss for the period was $0.5m versus $0.9m loss in 1H FY23, a 38% improvement during a period where Beamtree continues to invest in its international sales strategy. Beamtree continues to target a break-even position for FY24.
- Reported EBITDA loss for 1H FY24 was $0.8m versus a loss of $2.1m in 1H FY23.
For more information on these results, including financial and operational highlights, read our FY24 Interim Report.
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