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- Transportation technology company EROAD (ERD) releases its financial results for the first half of the 2022 financial year
- Revenue increased to NZ$48 million (A$45 million), a NZ$2.2 million (A$2.1 million) jump compared to this time last year
- Over the period, contracted units grew five per cent to 132,703 showing the continued growth in both Australia and New Zealand
- It delivered earnings before interest, taxes, depreciation and amortisation (EBITDA) of NZ$12.6 million (A$12.03 million)
- On the market this afternoon, EROAD is up 1.04 per cent and trading at $4.86 per share
Transportation technology company EROAD (ERD) has released its financial results for the first half of the 2022 financial year.
Revenue increased to NZ$48 million (A$45 million), a NZ$2.2 million (A$2.1 million) jump compared to this time last year, reflecting growth in units, dashcams and additional add-on subscriptions sold to customers.
It delivered an earnings before interest, taxes, depreciation and amortisation (EBITDA) of NZ$12.6 million (A$12.03 million).
Over the period, contracted units grew five per cent to 132,703 showing the continued growth in both Australia and New Zealand. This was partly offset by a fall in units in North America mainly due the loss of an enterprise customer which aligned its technology with that of its acquirer.
CEO Steven Newman said the financial results reflect both the continued investment in our growth strategies as well as the resilience of the business model in a challenging macro-economic conditions.
“Sales momentum is expected to increase with the easing of COVID-19 impacts,
the launch of the next generation platform and hardware, the release of Clarity Solo, and the Coretex acquisition,” he said.
Chair Graham Stuart noted that EROAD has chosen to pursue organic growth, strategic partnerships and acquisitions.
“In H1 FY22, we have successfully delivered across all these fronts. We are positioned for the next phase of growth as we look to build our business in the North American and Australian telematics markets,” Mr Stuart said.
EROAD is expecting stand-alone revenue growth for FY22 to be between 10 and 13 per cent.
On the market this afternoon, EROAD was up 1.04 per cent and is trading at $4.86 per share at 1:10 pm AEDT.
