IGNITEs H1 FY24 Shows Strong Profit Growth

IGNITE Limited (ASX: IGN) reported a robust performance for the half-year ended 31 December 2023. Despite a 9% decline in revenue and gross profit from continuing operations, the company saw significant increases in statutory profit (up 126%), underlying profit (up 233%), and EBITDA (up 462%). Notably, IGNITE raised AU$3,093k through the Accelerated Non-Renounceable Entitlement Offer, strengthening its balance sheet.

Operating cash flows remained positive for five consecutive quarters, with AU$1,846k cash available as of 31 December 2023. IGNITE aims to utilize the proceeds to fuel organic and inorganic growth while emphasizing cash management. Executive Director Cameron Judson highlighted the focus on productivity, performance, and profitability, expressing optimism for a substantial improvement in full-year profits. The company's commitment to enhancing operations and shareholder value remains steadfast.

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