Integrated Research Reports Strong Trading Results for Full Year 2023

A global provider of user experience and performance management solutions Integrated Research (ASX: IRI) has released its trading update for the year ended June 30, 2023. The company experienced a robust renewal period and secured new contracts, resulting in an anticipated 18%-22% increase in Total Contract Value (TCV) compared to the previous corresponding period. Collaborate and Transact product lines showed strong growth, while Infrastructure also performed well.

Source: Kapitales Research

Geographic Performance and Revenue Projections

IR's performance in the Americas exceeded expectations by 3%-7%, with growth across all product lines. The Asia-Pacific region continued its strong performance with 30%-40% growth, driven by Collaborate and Infrastructure. Europe reported 15%-20% growth, particularly in Transact and Infrastructure. The company expects reported statutory revenue for FY23 to be in the range of AU$67 million- AU$70 million, marking a 7%-11% increase compared to the previous year. Pro-forma revenue is projected to be AU$73 million -AU$76 million, reflecting a decrease of 4%-9% due to lower non-recurring revenue.

EBITDA and Cash Position Despite inflationary pressures

IR maintained a cost focus, with expenses kept under 3%. Statutory EBITDA for FY23 is expected to reach AU$10 million- AU$13 million, demonstrating an 18%-53% increase compared to the previous year. The company also reported a 51% increase in cash at bank, reaching $18.6m, driven by a strong collections focus.

CEO's Comments and Future Outlook John Ruthven

CEO of IR, highlighted the strength of the company's renewal base and expressed confidence in the priorities outlined for driving growth. He mentioned that while new business was slower than anticipated, the improved cash position and growth across all geographic regions and product lines were encouraging. The company plans to provide more detailed information in the full year results, expected to be released on August 25, 2023.

In conclusion, Integrated Research has reported positive trading results for the full year 2023, with increased Total Contract Value, revenue growth, improved EBITDA, and a strengthened cash position. The company's focus on renewals, along with new contract wins, has contributed to its overall performance across various geographic regions and product lines.

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