- Audinate Group (AD8) has generated unaudited revenue of US$11.1 million (roughly A$14.3 million) for the six months ending December 31
- That figure is up 19.35 per cent on the corresponding period last year
- Results could have been even stronger, if not for the strengthening Aussie dollar
- In other news, Audinate has established a video development team in the U.K.
- Audinate shares are up 1.03 per cent to $7.87
Audinate Group (AD8) has generated unaudited revenue of US$11.1 million (roughly A$14.3 million) for the six months ending December 31, up 19.35 per cent on the corresponding period last year.
The audio-visual developer said the results could have been even stronger if not for the strengthening Aussie dollar.
Audinate CEO Aidan Williams says of the result: “our first-half revenue result is pleasing, yet we remain cautious of the near-term economic uncertainty associated with the ongoing impacts of COVID-19 around the world.”
“However, our strong balance sheet has enabled us to remain focused on our medium-term strategic priorities.”
U.K. expansion
In other news, Audinate has established a video development team in Cambridge, England. Onboarding of four team members has been completed with another seven commencing over the coming two months. The company says it expects the team to be strengthened even further by the end of this financial year.
In addition to the video development team, Audinate has recruited a Vice President of Strategic Partnerships in Cambridge to focus on corporate development and merger and acquisition opportunities.
The U.K. initiatives are estimated to result in additional cash expenditure in FY21 between approximately $1.3 million and $1.5 million.
Like many companies in 2020, the Audinate share price went on a wild ride. After plunging to a low of $2.51 at the peak of the COVID crisis in March, the company edged back to finish the year at $7.79 a share.
Audinate shares are up 1.03 per cent to $7.87 at 10:38 am AEDT.