- Envirosuite (EVS) managed to increase its annual recurring revenue (ARR) by 42 per cent over the September quarter
- The envirotech business added $1.7 million in ARR during Q1, bringing its ARR total to $48.6 million
- EVS says it brought in a total of $4.1 million in sales over the period, including the new ARR, with its Omnis product proving most popular
- The company’s EVS Water product also performed well and it signed a landmark agreement with the Water Corporation
- Envirosuite shares are up 9.38 per cent at 17.5 cents each at 1:11 pm AEDT
Envirosuite (EVS) managed to increase its annual recurring revenue (ARR) by 42 per cent over the September quarter.
The environmental technology business revealed on Thursday it added $1.7 million in ARR during Q1, bring its total to $48.6 million.
All up, EVS brought in $4.1 million in sales during the three-month period, including the new ARR.
Envirosuite’s software product Omnis proved popular in sales, accounting for $1.1 million in ARR.
The company said its EVS Water product also performed well and it signed a landmark agreement with the Water Corporation to further develop this product.
EVS expects the positive momentum to continue into the December quarter, stating further upside was expected as its sales teams expanded.
Additionally, the business noted its sales organisation investment was delivering growth in the key North American market.
EVS said that over half the quarter’s new sales growth came from this region.
Commenting on today’s results, CEO Jason Cooper said he expected more growth across FY22.
“I’m pleased with the strong start we’ve made to the new financial year in a difficult trading environment under COVID-19 restrictions that continue to affect our key markets,” Mr Cooper said.
“It has been an important sales quarter where we signed contracts across our EVS Water portfolio, expanded our presence and brand awareness within the US.
“We continue to scale up our sales, product, marketing, and support capabilities to firmly establish Envirosuite as a leader in environmental intelligence and within the global environmental technology landscape.”
Envirosuite shares are up 9.38 per cent at 17.5 cents each at 1:11 pm AEDT.