IDT Australia: Solid FY23 Finish, Promising FY24 Growth Ahead

IDT Australia Limited (ASX: IDT) concluded FY23 on a strong note and is poised for significant growth in FY24. The company experienced remarkable performance in 4QFY23, with unaudited revenue soaring by 200% compared to 1QFY23, reaching AU$2.4 million. Revenue growth has been sustained for four consecutive quarters. IDT's business development efforts have been fruitful, generating over 60 early-stage leads (compared to 18 in 3QFY23) and a substantial increase in requests for proposals from potential clients.

With a positive outlook across all three business verticals, IDT is well-positioned to deliver robust growth in the upcoming fiscal year. The Specialty Orals vertical played a pivotal role in the revenue increase, reinvigorating IDT's Active Pharmaceutical Ingredient (API) vertical. The notable accomplishments, coupled with a rapidly expanding pipeline, establish a strong footing for sustained growth in FY24.

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