Forsyth Barr MST Access Research
Forsyth Barr MST Access Research delivers institutional quality research to investors and fund managers on small and microcap companies, leveraging intelligence and insight from the capabilities of both Forsyth Barr and MST Access. The research provided is issuer-sponsored.
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ikeGPS
1H24 Transactional Revenue Weakness
30 NOVEMBER 2023 BY JAMES LINDSAY AND WILL TWISS
ikeGPS (IKE) experienced a challenging 1H24, witnessed by a -32% fall in revenues to NZ$10.5m from 1H23. The decline stemmed from a significant, but well-signalled, -60% drop in transactional revenue due to project delays from key long-term customers. In contrast, the subscription segment (revenue +24%) demonstrated resilience, onboarding a net +29 new customers in 1H24. IKE's gross margin improved from 53% in 1H23 to 59% in 1H24, largely due to positive changes in the product mix. Monthly cash burn in 1H24 was ~NZ$1.3m, with net cash at the end of the period NZ$10.2m.

30 November 2023 | ikeGPS 1H24 Transactional Revenue Weakness

24 November 2023 | Rakon Limited - 1H24 — Sector Weakness Deepens
considerably.

24 November 2023 | Tower Limited - Goodbye FY23 Floods, Hello FY24
and large events claims costs.

23 November 2023 | Turners Automotive Group Ltd - Steering Through 1H24 Drives Growth
growth in revenue and profitability.

16 November 2023 | NZME Limited - Investor Day Highlights—2023

15 November 2023 | Tower Limited - Customer Remediation Process Update

9 November 2023 | NZME Limited - Navigating Media's Digital Wave

6 November 2023 | Scott Technology - MHM Takeover Crystallises Value

6 November 2023 | MHM Automation - Scheme Implementation Agreement Signed

30 October 2023 | Rakon Limited - Telecoms Weakness Persists

29 September 2023 | Tower Limited - Successful FY24 Reinsurance Placement

26 October 2023 | ikeGPS 1H24 Trading Update — Transactional Delays

31 August 2023 | MHM Automation - Unpacking the Wyma Acquisition and MHM's Solid Organic Growth Story

19 October 2023 | Scott Technology - FY23 Result — Core Growth

24 August 2023 | Turners Automotive Group Ltd - Core Auto Retailing Continues to Drive Results

17 October 2023 | Tower Limited - FY23 Updated for Final Large Event Costs

4 August 2023 | MHM Automation - Automation and Materials Handling Go Global

11 October 2023 | Turners Automotive Group Ltd Speeding to Record Profits in 1H24

24 November 2022 | Tower Limited - FY22 Guidance Beaten But One-offs Impact

30 November 2022 | ikeGPS - Solid Momentum Shown in 1H23

12 January 2023 | Tower Limited - New Zealand General Insurance Digest

18 January 2023 | Trade Window Holdings - Capital Raising — Up to NZ$20m Being Sought

8 February 2023 | ikeGSP - Powering Up During 3Q23
increase on the prior period.

28 February 2023 | Trade Window Holdings - Capital Raising Falls Short of Expectations but Discussions Continue

2 March 2023 | Trade Window Holdings - Coverage Discontinued

8 March 2023 | Rakon Limited - Looking Beyond a Solid FY23 Guidance Update

13 April 2023 | Scott Technology - 1H23 Results Reinforce ‘Scott 2025’ Strategy

9 May 2023 | Tower Limited - Wild Weather Weighs but Growth Continues

25 May 2023 | Rakon Limited - Robust FY23 Completed

31 May 2023 | ikeGPS Operating Leverage Emerges on Stellar Topline

18 July 2023 | Rakon Limited - Demand and Inventory Led Softness Continues

20 July 2023 | Tower Limited - Claims Inflation Steals Wild Weather's Thunder

27 July 2023 | ikeGPS - Transactions Stumble while Subscriptions Surge

2 October 2023 | ikeGPS - Key Customer Transactional Delays Continue

15 March 2021 | A Tower of Strength

18 May 2021 | Hopes for FY21 Growth Go Up in Smoke

27 May 2021 | Tower 1H21 Result

14 June 2021 | Raining on Expectations

2 November 2021 | Tidying up the Pacific

11 November 2021 | Reassessing Flood and Climate Change Risks

25 November 2021 | FY21 Simplifying the Story

24 January 2022 | Hunga Tonga — Hunga Ha'apai

3 February 2022 | Steady as She Goes - But Growing

27 May 2022 | FY22 Record Result Awaits New Capacity

10 June 2022 | The Front Line of Trade

14 September 2022 | ikeGPS Group Ltd

3 October 2022 | ikeGPS - Solid AGM Update Driven By Customer & USD Tailwinds

19 October 2022 | ikeGPS - Exceptional Momentum Continues in 1H23

21 November 2022 | Trade Window Holdings - 1H23 — Awaiting Offshore Growth Drivers

25 November 2022 | Rakon Limited - Post Strong 1H23 Result, Outlook Softens

16 January 2023 | Trade Window Holdings - Updated Guidance and Longer Term Outlook

20 January 2023 | Scott Technology - Transforming Industry via Smart Automation

20 February 2023 | Tower Limited - FY23 Estimates Flooded, but the Inflationary Environment Continues in Higher GWP Growth

1 March 2023 | Tower Limited - 1Q23 and ASM Updates

8 March 2023 | Turners Automotive Group Ltd - Fueling Growth Despite Headwinds

5 April 2023 | Tower Limited Edition 3 — NZ General Insurance Digest

5 May 2023 | ikeGPS - Solid 4Q23 Update as FY23 Electrifies

24 May 2023 | Turners Automotive Group Ltd - Brand Momentum Drives Market Share Growth

20 June 2023 | Rakon Limited - New Indian Plant Opens Opportunities

4 July 2023 | Tower Limited - Tidy Up Continues With Solomon Islands Sale

23 September 2021 | New Guidance on the Journey

17 December 2021 | Stars Align

3 February 2022 | Sector and 5G Market Updated

11 February 2022 | Shooting for the Stars

27 May 2022 | 1H22 Growth Upset by Large Events

12 August 2022 | 2022 ASM - Initial FY23 Guidance Impresses

3 October 2022 | Tower Limited - FY23 Reinsurance Programme Update

5 October 2022 | Tower Limited - New Zealand General Insurance Digest

31 October 2022 | Trade Window Holdings - US Footprint and Key Partner Announced

8 February 2023 | Turners Automotive Group Ltd - Driving in the Right Direction
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