Integrated Research Limited (ASX: IRI) Annual General Meeting Update
Correction Announcement
Integrated Research Limited (ASX: IRI) has corrected an error in their presentation for the Annual General Meeting (AGM) taking place today. The company re-submitted the presentation, ensuring that the mistake, identified on slide 7, was amended prior to the meeting.
Financial Performance Highlights
The FY24 results preview highlights a strong financial performance aided by significant operational adjustments. Total Contract Value (TCV) increased by 22% and revenue rose by 19%. The company recorded a remarkable 963% rise in Net Profit After Tax (NPAT), excluding a $31.8 million impairment of goodwill and intangible assets.
Board and Strategic Updates
A renewed focus on innovation and growth strategies was announced, marked by the appointment of a growth-oriented Board. The company is targeting ongoing product-led growth initiatives alongside mergers and acquisitions. IRI’s balance sheet shows net cash of A$31.9 million, which is earmarked to support its growth strategy.
Dividend Declaration
The Board has declared a dividend of 2.0 cents per share, fully franked, reinstating its commitment to shareholder returns. This aligns with the company’s policy to distribute a minimum of 25% of Free Cash Flow, demonstrating its sustainable financial governance.
CEO Comments
Peter Lloyd, Chair of Integrated Research, emphasised on the AGM’s importance in showcasing the company’s operational resilience. He underscored, “The fundamentals of our business are robust, with an expanding global client base and a commitment to innovation as we move forward.”
Future Outlook
Looking ahead, IRI plans to enhance its Observability solutions while also focusing on maximising growth opportunities in the cloud segment. The company aims to launch new product capabilities in the second half of FY25 and is optimistic about improving contract renewals and sales pipeline contributions from new clients.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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