Ai-Media delivers strong first-half revenue growth, tracking ahead of full-year prospectus forecasts

Highlights

•  Strong revenue growth, with H1 FY21 Services revenue of $22.7 million, up 26% on the previous corresponding period (pcp) and tracking ahead of FY21 prospectus forecast2; Services revenue on a constant currency basis up 29%
•  60% of revenue now from higher-margin Live Enterprise business, up from 50% in the pcp
•  Revenue growth in all regions, with the key North American market up 38%; offshore markets now contributing 61% of revenue, up from 50% in pcp
•  Total captioned minutes up 37% to 7.1 million, with Live Enterprise minutes up 40%
•  Gross profit of $8.8 million in line with FY21 prospectus forecasts2; gross profit margin of 38%, with an improvement expected in H2 FY21
•  Cash balance at 31 December 2020 of $8.8 million, providing a strong position to pursue additional growth opportunities
•  Normalised EBITDA loss of ($3.8m) excluding IPO and restructuring costs
•  Remote working and regulatory tailwinds continue to drive customer acquisitions
•  Repeating revenue rates of over 99% and success in competitive tenders
•  Reaffirmed FY21 prospectus forecasts, including revenue of $43.8 million, with the contribution from recently completed acquisitions providing further upside