IDT Australia Limited (ASX:IDT) Sees 82% Revenue Surge
Record Quarterly Revenue
IDT Australia Limited (ASX:IDT) announced a substantial increase in its revenue for the quarter ending 31 December 2024. The unaudited quarterly revenue nearly doubled from the previous corresponding period, reaching $5.3 million, marking the highest revenue since the commencement of the Company’s strategic transformation program. Preliminary unaudited revenue for the first half of financial year 2025 is expected to be $10.5 million, an increase of 82% over the previous year.
Contracts and Business Performance
The growth in revenue is largely attributed to a significant upturn in IDT’s Advanced Therapies business segment. The Company secured $12.9 million in new contracts during the quarter and submitted proposals valued at $17.8 million. Chief Executive Officer Paul McDonald commented, “The significant increase in Q2FY25 revenue and new contracts won in the quarter are driven by the continued growth in the Advanced Therapies vertical.”
Vertical Performance Insights
The Advanced Therapies segment excelled with revenue soaring by 1,765% to $2.5 million, aided by demand for complex manufacturing processes. In contrast, revenue for Specialty Orals fell by 26.4% to $523,000 due to an oversupply in the market. The Active Pharmaceutical Ingredient sector experienced an 83.7% decline to $264,000, influenced by the timing of orders, though future contracts look positive.
Future Outlook
Looking ahead, IDT is optimistic about its growth trajectory. The secured contracts and the diverse customer base, particularly from the US, signal strong potential for profitability. The pipeline of submissions and contract awards indicates that FY25 full-year results are set to exceed those of the prior year, maintaining IDT’s reputation as a leading drug manufacturer.
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