The communications and engineering company ikeGPS Ltd (NZX & ASX: IKE) has seen a big life in financial and marketing performance, with the US communications and electric utilities market a prime catalyst.
For the first half of FY19 the company had revenue of $4.4 million, which was 26% higher than the corresponding FY18 half.
The company said it had a positive contribution from its IKE Analyze Solution revenue that offers an end-to-end technical solution to customers performing make-ready engineering projects.
The half year report showed there was a gross margin in the period which represented a 93% growth on the first half of last year.
However, as had been projected there was a net loss for the half of $1.9 M, an improvement on the FY18 first half loss of $3.9 M. Cash on hand was about $5.4 M and receivables were about $2.5 M.
IkeGPS chief executive Glenn Milnes said: “Through 1H FY19 we were pleased to make further progress in the North American poles market targeting communications companies & electric utilities.
“Most notably for shareholders we have seen growth of sales, and substantial growth of pipeline opportunities, for the new IKE Analyze offering.
“IKE Analyze utilises our cloud-based pole software so to ingest customers raw field data and enable IKE to complete the required asset analysis via our cloud platform, such as pole loading analysis or make-ready-engineering to speed network builds.”
Milnes said the company views IKE Analyze as an important potential additive growth engine over the coming years.