gentrac group (ASX:GTK) delivered impressive revenue growth for the year ending 30 September 2024, with group revenue increasing 25.5% to $213.2 million from $169.9 million in 2023. This was driven by strong demand across the utility and airport management software sectors, reinforced by new customer acquisitions and upgrades.

However, overall performance deteriorated due to cost pressures. EBITDA was flat at $23.6 million, weighed down by higher costs associated with the long-term incentive (LTI) stock plan and increased investment in research and development. These factors also caused net income after tax to decline from $10 million in FY23 to $9.5 million. The company reported earnings per share (EPS) of 5.8 cents, compared to 6.2 cents a year ago.

Headquartered in Auckland, New Zealand, Gentrack is dual-listed on the NZX and provides software solutions to utilities and airports. The company’s Utilities division provides energy and water retailers with technology to optimize their operations, and its Veovo division provides airport management solutions that improve passenger experience and operational efficiency. The company serves customers at more than 140 airports around the world and has played a key role in supporting the transition to net-zero emissions.

Utilities revenue increased 22.6% to $181.3 million, representing an underlying growth rate of 51% after adjusting for revenue losses from bankrupt customers. Meanwhile, Gentrac’s airport management division, Veovo, posted a 45.5% increase in revenue to $31.9 million, supported by large contracts in Saudi Arabia and the United Kingdom.

CEO Gary Miles commented on the company’s progress: “We continue to modernize our critical industry and help our customers achieve their operational excellence and sustainability goals.” praised.

Gentrack has chosen not to declare a dividend, choosing instead to reinvest $66.7 million in cash reserves into its growth strategy, including the continued deployment of its g2.0 technology platform.