GTK's TA has been going down/sideways for a long time, so this upgrade may bring some joy.
https://www.nzx.com/announcements/399599
On 24th February 2022 and then again on 24th May 2022, Gentrack Group Limited (NZX/ASX: GTK) ("Gentrack") advised that revenues for FY22 are forecast to be around $115m (vs FY21 revenues of $105.7m) and that FY22 EBITDA is expected to be in low single-digits ($'m). Gentrack now advises that revenues for FY22 are forecast to be around $125m and that FY22 EBITDA is expected to be in the mid to high single digits ($'m).
Ever since the upgrade above the SP has soared..... nudging $3.00 today, over 100% above its low of $1.32
Nice for holders.
From today's announcement
Gentrack Group Limited (NZX/ASX: GTK) ("Gentrack") advises that in FY23 we now expect to earn c.$25m from managing the exit of a major UK customer, which is c.$12m more than we had previously guided. This additional revenue and the associated EBITDA benefit is expected to be a one-off increase and will be recognised substantially in the first half of the year. In line with our previous guidance, we do not expect significant revenue from this customer beyond the current financial year and so our guidance for FY24 of revenue of c.$150m and an EBITDA margin of 12-17% remains unchanged.
GTK one to watch.
GTK has been good for my portfolio. SP up 106% from my Jan 2021 purchase at $1.54
Milford has been buying more lately.
Onwards and upwards.
A standout performer in my portfolio last year and upgraded expectations for the future.... exciting
• Revenue: $84.3m – up 47.7% on H1'22
• EBITDA $16.0m – up $14.8m over H1'22
• Statutory NPAT: $7.9m profit v $5.8m loss in H1'22
• Cash: $41.9m – up $14.5m over FY22
• No Dividend payable
• Results include substantial one-off revenues, but strong underlying growth
means that both FY23 and FY24 revenue guidance have been upgraded to a range of $157m to $160m (from previous guidance of $147m to $150m for FY23 and $150m for FY24)
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GTK/411751/394744.pdf
Quote from: Left Field on May 22, 2023, 08:41 AMA standout performer in my portfolio last year and upgraded expectations for the future.... exciting
• Revenue: $84.3m – up 47.7% on H1'22
• EBITDA $16.0m – up $14.8m over H1'22
• Statutory NPAT: $7.9m profit v $5.8m loss in H1'22
• Cash: $41.9m – up $14.5m over FY22
• No Dividend payable
• Results include substantial one-off revenues, but strong underlying growth
means that both FY23 and FY24 revenue guidance have been upgraded to a range of $157m to $160m (from previous guidance of $147m to $150m for FY23 and $150m for FY24)
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GTK/411751/394744.pdf
Well, yes - GTK is a cyclical hype pump. Apparently hype going up these days ... just be careful to dance close enough to the exit and have some transport waiting for you outside when you want to leave.
Quote from: BlackPeter on May 22, 2023, 11:23 AMWell, yes - GTK is a cyclical hype pump. Apparently hype going up these days ... just be careful to dance close enough to the exit and have some transport waiting for you outside when you want to leave.
Heading back to good ol' days when share price was over $7
So not blue sky stuff yet ... another 70% to go
Nice to see at least one NZ stock kicking goals
whats going on with Gentrack? Decent move higher over last week.
Quote from: LaserEyeKiwi on Sep 26, 2023, 03:42 PMwhats going on with Gentrack? Decent move higher over last week.
GTK has been a great addition to my portfolio since it's $1.50 days (see post #3 above) .......
This announcement heralding more local progress is a good sign ahead of the results announcement due 28 Nov.
https://www.nzx.com/announcements/421918
Quote from: Left Field on Nov 20, 2023, 08:44 AMGTK has been a great addition to my portfolio since it's $1.50 days (see post #3 above) .......
This announcement heralding more local progress is a good sign ahead of the results announcement due 28 Nov.
https://www.nzx.com/announcements/421918
Well done Leftie
You'll be happy as management will be when share price hits 10 bucks eh
Results out..... plus an upgrade.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GTK/422454/408276.pdf
• Revenue: $169.9m – up 34.5% on FY22
• EBITDA: $23.2m – up $15.1m over FY22
• Statutory NPAT: $10.0m profit v $3.3m loss in FY22
• Cash: $49.2m – up $21.8m over FY22
• No dividend payable
• Results include $27.6m of one-off revenues, but strong underlying growth
means that FY24 revenue guidance has been upgraded to c. $170m (from
previous guidance of $157m to $160m for FY24) and FY24 EBITDA is now
expected to be between $20.5m and $25.5m.
Good to see the GTK team working so hard to get their excessive bonus's
.....and up 9.5% or 49c to $5.65c on today's news. New 12 month high. Holders happy.
Quote from: winner (n) on May 22, 2023, 11:49 AMHeading back to good ol' days when share price was over $7
So not blue sky stuff yet ...
Crikey .... and now over $6.00....... Winner right again! lol.
While much attention was on Turners inclusion in the NZX50 index, good to see GTK sneaked in too. Naaaice.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZXO/422832/408802.pdf
GTK not a stock for dividend hounds, however, it has gained 350% in the 16 months from its low of $1.35 to $6.19 on Friday 1 Dec 2023.
Onwards and upwards.
She wants to move!
after burner this year ...
any chance of a DIV one day...
Quote from: Waltzing on Dec 04, 2023, 01:08 PMafter burner this year ...
any chance of a DIV one day...
Maybe one day, but at present they explicitly pouring all free cashflow into entering additional geographies & product verticals (water & airport management software).
Annual report out for those interested......
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/GTK/423883/409991.pdf
10% stakeholder Swan Hill sold its entire position yesterday in block sale.
Smart move from one of my fav's
https://www.nzx.com/announcements/425560
Over $8.00 today......well done GTK
300% gain with more upside yet.
Quote from: Left Field on Mar 15, 2024, 06:14 PMOver $8.00 today......well done GTK
300% gain with more upside yet.
That $10 not far away .....we won't mind giving 10% of the company away will we
Quote from: winner (n) on Mar 15, 2024, 06:26 PMThat $10 not far away .....we won't mind giving 10% of the company away will we
And why not another 10% when they get to $20?
Power to the workers aye Winner....
Big crossing of 600k at $8.23
Love it!
Impressive stuff! Congrats to holders. Has been off my radar since I looked at it a couple of years ago and decided I didn't know enough about what they were doing to buy in. Slightly regretting that now...
..... and up another 3% to $8.40
Crikey.... forget HGH, TRA, SPK etc..... this has been a star in my portfolio..... heading to $9.00 from $3.26 a year ago... plus a nice upgrade in today's results.....say no more.
https://api.nzx.com/public/announcement/431294/attachment/418712/431294-418712.pdf
Results Summary
• Revenue: $102m – up 21% on H1'23 and up 58% when excluding $19.7m
of one-off revenues in prior period from insolvent customers.
• EBITDA: $12.3m and tracking well against our FY24 guidance.
H1'23 EBITDA of $16m included one-off high margin revenue from
insolvent customers.
• Statutory NPAT: $5.3m profit v $7.9m in H1'23
• Cash: $39.3m after investing $12.9m in Amber during period v $41.9m at
H1'23
Guidance
Both Utilities and Veovo continue to grow strongly as a result of recent wins
and customer upgrades and so we are able to upgrade our previous revenue
guidance of at least $170m for FY24, to new guidance of c.$200m for FY24.
Against this higher revenue guidance, and whilst continuing to invest in
strategic R&D and international expansion, EBITDA is expected to be between
$23.5m and $26.5m (12%-13%). This compares to our previous guidance of
between c. $20.5m and $25.5m.
Gentrack could be NZ's next billion-dollar business
(Business Desk article paywalled.....)
https://businessdesk.co.nz/article/markets/gentrack-could-be-nzs-next-billion-dollar-business
Glowing report on GTK on RNZ morning programme by Business Reporter, Rebecca Stevenson today ...
Go GTK!
Another 12 month high today at $10.70 on GTK's inclusion in an ASX tech stock index.
This news released by GTK today...... not marked price sensitive..... but what does it mean??
(Sounds like using AI to provide quick customer based changes to it's SAAS services?)
We are entering a new era, with utilities worldwide transforming to meet business
and sustainability targets. For over 35 years Gentrack has been partnering with the
world's leading utilities, and more than 60 energy and water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading todays transformation
with g2.0, an end-to-end product-to-profit solution. Using low code / no code, and
composable technology, g2.0 allows utilities to launch new propositions in days,
reduce cost-to-serve and lead in total experience. https://www.gentrack.com
Quote from: Left Field on Sep 04, 2024, 08:20 PMThis news released by GTK today...... not marked price sensitive..... but what does it mean??
(Sounds like using AI to provide quick customer based changes to it's SAAS services?)
We are entering a new era, with utilities worldwide transforming to meet business
and sustainability targets. For over 35 years Gentrack has been partnering with the
world's leading utilities, and more than 60 energy and water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading todays transformation
with g2.0, an end-to-end product-to-profit solution. Using low code / no code, and
composable technology, g2.0 allows utilities to launch new propositions in days,
reduce cost-to-serve and lead in total experience. https://www.gentrack.com
Was a tad confusing as they released this as a pdf, but that is actually just the standard boilerplate company description that is on the bottom of every company announcement. The actual announcement linked to was a minor change in a substantial holders amount of shares ("National Nominees Ltd ACF Australian Ethical Investment Limited" going from 6.8% to 5.75%)
GTK added to the S&P ASX 300 index
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02850008_PS-2A1547093&v=fc9bdb61fe50ea61f8225e24ce041a0e155a9400
IFT also.....
Market likes today's results..... big boost...up around $2.00 today.....been a great hold since $2.50 days
https://api.nzx.com/public/announcement/442592/attachment/432771/442592-432771.pdf
Footnote - closed up 24.4% at $12.61 an increase of $2.47!!
Great Xmas bonus in my portfolio.....Naaaice.
What a chart eh - shame I didn't buy any
Interesting and enlightening article.
https://www.nzherald.co.nz/business/30m-three-year-incentive-scheme-could-make-gentrack-ceo-gary-miles-nzs-highest-paid-ceo-nzsa/XITAL267QBEMJPBF365722A5NI/?lid=cme23ou6o9wh
Quote from: Basil on Nov 27, 2024, 07:16 PMInteresting and enlightening article.
https://www.nzherald.co.nz/business/30m-three-year-incentive-scheme-could-make-gentrack-ceo-gary-miles-nzs-highest-paid-ceo-nzsa/XITAL267QBEMJPBF365722A5NI/?lid=cme23ou6o9wh
GTK's investor presentation discussed the incentive scheme (amongst other things) and provides useful background for the recent enthusiasm and SP surge.... it's well worth watching.
https://vimeo.com/1033293614
Overlooked by many.....been a great investment since the $1.50 days.
From the recent ASM....
Our FY25 growth will be 2H weighted due to new sales closure timelines (12 to 36 months)
I remain very confident in our ability to execute against our
• Purpose to accelerate the journey to a net zero future by leading the global IT modernisation of
energy and water retailers and
• Plans to achieve mid-term revenue growth >15% CAGR and 15-20% EBITDA
We intend to provide full year guidance at 1H results in May
Quote from: Left Field on Feb 26, 2025, 11:52 AMOverlooked by many.....been a great investment since the $1.50 days.
From the recent ASM....
Our FY25 growth will be 2H weighted due to new sales closure timelines (12 to 36 months)
I remain very confident in our ability to execute against our
• Purpose to accelerate the journey to a net zero future by leading the global IT modernisation of
energy and water retailers and
• Plans to achieve mid-term revenue growth >15% CAGR and 15-20% EBITDA
We intend to provide full year guidance at 1H results in May
Yes, it was great to sell them for a $5 handle in late 2019 before they tanked.
I see, they are currently ramping up for the next wave, aren't they?
Not following them anymore, but just wondering, how much future growth must be baked into the current SP? The earnings don't look that flash for a$11.20 share. A 15% CAGR clearly doesn't cut it when justifying this share price. Even the very optimistic Grahams formula gives for 21 cts (average analyst forecast for 2025) EPS and 15% growth only a $8 Share price - and hey - keeping the CAGR consistent at or above 15 is hard, ask Ryman - they used to claim that as well :) ; .
Anyway - congrats to holders, but better practice your dancing skills close to the exit ... and make sure everybody else's exit is blocked when you want to leave :) ;
Quite right BP. Seeing some massive king hits to share prices of some Australian tech companies reporting that haven't met expectations. Put one foot wrong in the report or the outlook statement when you're trading on tech market darling metrics and the price literally falls off a cliff. Live by the sword, die by the sword. I prefer to let the guys at Discovery do their thing with tech companies. They're younger and sharper than this old dog.
Good to see Milford adding more recently.....
https://api.nzx.com/public/announcement/448755/attachment/439985/448755-439985.pdf
Naaiiiiice upsurge today on big volumes...... 5 day chart looking favourable. Seems like the market is not listening to the naysayers.
Up $1.02 or 9.87% around halfway through today's trading.
Quote from: Left Field on Mar 28, 2025, 01:42 PMNaaiiiiice upsurge today on big volumes...... 5 day chart looking favourable. Seems like the market is not listening to the naysayers.
Up $1.02 or 9.87% around halfway through today's trading.
Technically - they are still below the MA200, but sure - who knows whether they break through or bounce back.
Looking however at the tone of your post - people who feel the need to refer to name calling ("naysayers") demonstrate loud and clear that they have nothing valuable to say. Kindergarten stuff. Is this the impression you want to convey?
I assume you realise, that the daily jtter of a stock is not a measure of its worth, but at best a measure how eager individuals might be to either buy or sell in a rather constrained market - do you?
Clearly - the known fundamentals (according to Jarden is the PE=111) don't support this price. However - sure, it might indicate that some people with insider knowledge might know more and try to get some shares before the next and absolutely amazing announcment, or it might be just a measure for the number of greater fools with an urge.
Whatever it might be - let's focus on discussing the stocks instead of on name calling of others whose message we didn't like, shall we?
Quote from: BlackPeter on Mar 28, 2025, 03:11 PMWhatever it might be - let's focus on discussing the stocks instead of on name calling of others whose message we didn't like, shall we?
Whatever........
1.) BP who said I was referring to you?
2.) Speaking of name calling, wasn't it you who called me 'bitter' a while ago on the ATM thread.... perhaps you should practice what you preach. (FWIW I'm not bitter....quite the opposite.)
3.) Perhaps another esteemed poster who initiated the name calling you complain of by calling anyone who questioned his highly ramped foray into HGH around $1.20 as 'naysayers' should be the target of your request.
Anyway....back to business...... Perky on the other side posts rumours of a major new contract to explain the recent SP rise.
"Apparently they (GTK) placed an ad for job managing Bulgaria largest energy supplier...so rumours they picked up a major new contract
...in market wrap up from the nz herald today"
Half year results out.....NPAT up 34% ... 80% increase in cash on hand.
https://api.nzx.com/public/announcement/451801/attachment/443531/451801-443531.pdf
Results Summary
• Revenue: $112m – up 9.8% on H1 24, with the Group's recurring
revenues 16.7% higher at $76.4m.
• EBITDA: $13m – up 5.1% on H1 24 as we invest more in sales and
g2.0. For the full year we expect EBITDA to grow faster than
revenue.
• Statutory NPAT: $7.2m profit – up 34.7% on H1 24.
• Cash: $70.7m v $39.3m at H1 24 - up 80%
Detailed Presentation here; https://api.nzx.com/public/announcement/451801/attachment/443530/451801-443530.pdf
Disc; Held since $2.58 days. In last 12 months have taken some profits off the table. GTK now only 6% of my portfolio (freehold.)
GTK not going too well at the moment
Market Closev-
Paul Robertshawe, Octagon's chief investment officer, highlighted Gentrack Group, which fell 3.16% to $10.12 and is down over 20% in the last 30 days.
Robertshawe said both Craigs and Forsyth Barr had downgraded the stock. Australian investment house Jefferies has likewise downgraded, from 'buy' to 'hold', in recent days.
"[Gentrack] have lost a couple of tenders, and now they've lost one of their own existing customers," Robertshawe said. "So, people will be going: 'Is that growth rate that we've got built in really achievable if your existing customers are churning off?"
Yep Winner, GTK's growth has been slowing, maybe the lustre has gone?
I sold the last of mine late May 2025 at $11.85..... was a good ride from $2.58
Details of the competitor arguably responsible for GTK struggling with new and existing customers.
https://kraken.tech/about
Happy to sit on the sidelines for a while.
Milford reducing their exposure to GTK.
https://api.nzx.com/public/announcement/457002/attachment/449805/457002-449805.pdf
Quote from: Left Field on Aug 19, 2025, 08:58 AMMilford reducing their exposure to GTK.
https://api.nzx.com/public/announcement/457002/attachment/449805/457002-449805.pdf
Is reducing exposure in their MO playbook, or is it more likely a sustained selldown?
(Having been on the wrong side of their selldown for MFB, I'd be inclined to assume the latter, and keep away until the dust settles.)
Disc: Never held GTK, more of an ERD guy
Not sure what level of revenue this is, but anything is good I suppose and it opens up a new type of market.
https://www.nzx.com/announcements/462279
Veovo to modernize NAV CANADA air navigation billing system
10/11/2025, 08:30 NZDT, GENERAL
Veovo, the airport software business of Gentrack Group (NZX/ASX GTK), announced today that it will deliver a modern, cloud-based billing system to NAV CANADA. The new system will manage the calculation and invoicing of air navigation service charges for airspace users across Canadian airspace and international airspace managed by Canada, the world's second largest by volume. This initiative reflects NAV CANADA's commitment to continuous improvement, replacing its legacy billing system—limited in flexibility and scalability—with a modern platform built to meet evolving business needs and customer expectations.
This long-term contract win, opens up a new market for Veovo of air navigation service providers, supporting the continued strong growth of our airports division this financial year and in the future.
"Our billing system is a critical business application that supports our continued operation", said David Sheppard, Vice President and Chief Technology & Information Officer, NAV CANADA. "This solution allows us to continue to provide accurate and timely billing to our customers while gaining the scalability and ongoing enhancements that come with a modern Software as a Service (SaaS) platform."
"It is a privilege to partner with NAV CANADA in this transformation," said James Williamson, CEO of Veovo. "Their commitment to safety and operational excellence and focus on system modernisation aligns perfectly with our approach to solving complex aviation challenges. We're proud to be part of a team contributing to innovative and reliable outcomes for airspace users across Canada."
That positive announcement the other about Gentrack getting involved in thevcalculation and invoicing of air navigation service charges for airspace users across Canadian airspace and international airspace managed by Canada,the world's second largest by volume hasn't stopped the slide in share price
Could go sub $8 next week ....,and 40% down from recent highs is some slide
Quote from: Left Field on Aug 04, 2025, 08:50 PMYep Winner, GTK's growth has been slowing, maybe the lustre has gone?
I sold the last of mine late May 2025 at $11.85..... was a good ride from $2.58
Crikey...... proved to be very fortuitous. Down to the mid $7's today.
hmmm ... don't follow them anymore, but just looking at the promised earings: 14 cents this year and 21 cents next year.
Good they make money, but is this really worth a SP of $7 plus? Sounds more like a $1 to $2 SP (depending on the expected growth rate).
Quote from: BlackPeter on Nov 17, 2025, 05:23 PMhmmm ... don't follow them anymore, but just looking at the promised earings: 14 cents this year and 21 cents next year.
Good they make money, but is this really worth a SP of $7 plus? Sounds more like a $1 to $2 SP (depending on the expected growth rate).
See post #49 above. GTK was growing at a fast rate which supported the previous SP rise.... however it is now facing tough competition and as a result revenue growth has been impacted.
Quote from: BlackPeter on Nov 17, 2025, 05:23 PMhmmm ... don't follow them anymore, but just looking at the promised earings: 14 cents this year and 21 cents next year.
Good they make money, but is this really worth a SP of $7 plus? Sounds more like a $1 to $2 SP (depending on the expected growth rate).
The following is not a comment regarding the worthiness or not of the current share price, but the reason for a high valuation multiple is because it's a software company, which enjoys the benefit of very high operating leverage due to fixed costs that increase far less than revenue growth.
That's the theory at least.
Quote from: LaserEyeKiwi on Nov 17, 2025, 05:58 PMThe following is not a comment regarding the worthiness or not of the current share price, but the reason for a high valuation multiple is because it's a software company, which enjoys the benefit of very high operating leverage due to fixed costs that increase far less than revenue growth.
That's the theory at least.
Nice theory.
Its just that Gentrack basically needs to specialise its software for each individual application, which basically removes this "benefit". Every new plant requires a lot of additional work.
Doesn't matter - in my view its just the ususal coming and going of hype - no matter whether the company write software for sewage treatment plants (GTK), calls itself after a milk protein (ATM), controls stainless steel for the production of milk powder (SML), does medical checks on bladder cancer (PEB) or tries to collect fertilizer from the sea (CRP) ... and so many more.
What investors (or traders) really need is a model to predict hypepeaks and valleys ... but I suppose technical analysis is probably the best we've got. At this stage the indicators for GTK look not that flash.
Quote from: BlackPeter on Nov 18, 2025, 09:15 AM.... Gentrack basically needs to specialise its software for each individual application, which basically removes this "benefit". Every new plant requires a lot of additional work.
I suspect GTK has an issue in the 'stickability' of its SAAS services/products, GTK are losing existing customers and missing out on new customers. They no longer dominate their target markets.
Interesting to compare with IKE who go out of their way to adapt their SAAS to clients needs as evidenced by their 'IKE University' which uses education to teach the use of their SAAS products and set/meet needed industry standards. IKE also benefits from this 'university' by listening to its 'students' to learn about new product development priorities.
As a result IKE is now imbedded in 8 of the 10 of the largest US companies in their utilities market and are gaining an average of 2 new utility customers per week.
Sure IKE still has a way to go to prove its commercial viability, but GTK could learn much from the 'stickability' of the IKE SAAS model.
IKE SP up approximately 130% this YTD..... while GTK SP down approximately 48%.
Quote from: Left Field on Nov 18, 2025, 11:53 AMI suspect GTK has an issue in the 'stickability' of its SAAS services/products, GTK are losing existing customers and missing out on new customers. They no longer dominate their target markets.
Interesting to compare with IKE who go out of their way to adapt their SAAS to clients needs as evidenced by their 'IKE University' which uses education to teach the use of their SAAS products and set/meet needed industry standards. IKE also benefits from this 'university' by listening to its 'students' to learn about new product development priorities.
As a result IKE is now imbedded in 8 of the 10 of the largest US companies in their utilities market and are gaining an average of 2 new utility customers per week.
Sure IKE still has a way to go to prove its commercial viability, but GTK could learn much from the 'stickability' of the IKE SAAS model.
IKE SP up approximately 130% this YTD..... while GTK SP down approximately 48%.
Hard to say - IKE might be just in a different phase of the hype model ... but this is probably a discussion for some other thread :);-
Quote from: Left Field on Nov 18, 2025, 11:53 AMI suspect GTK has an issue in the 'stickability' of its SAAS services/products, GTK are losing existing customers and missing out on new customers. They no longer dominate their target markets.
...
Where do you get this from? There last earnings showed clear growth in Revenue/customers so new customers are definitely outpacing lost customers...? Has there been some sort of news since they last reaffirmed guidance in Ausgist that will reverse this trend? Back in July they did they say they lost out on a bid for a new future contract in Australia, is that one customer what you are referring to?
Anyway we will see next week when they report
https://www.nzx.com/announcements/463185
Gentrack's g2 delivering global momentum
21/11/2025, 10:42 NZDT, GENERAL
Gentrack's multi-year investment in g2 delivering global momentum across energy and water
• New g2 win at UK's Pennon Water Services demonstrates strong water and waste-water capabilities
• Successful production deployment at Genesis for energy excellence
• Strong pipeline of interest across retailers in EMEA and APAC
Gentrack (NZX/ASX: GTK) today announced that its g2 platform has been selected to enhance operations and customer experience at Pennon Water Services, one of the UK's leading business water and wastewater retailers. This marks the first customer to adopt g2 in the UK, and the first g2 water implementation.
This announcement follows the recent g2 platform go-live at Genesis Energy and signals continued progress on Gentrack's g2 platform strategy, particularly in the consumer segment. Reinforcing g2's strong B2B capabilities is the planned Q1 2026 go live at ACEN Energy in the Philippines. With a strong pipeline across EMEA and APAC, Gentrack is also in advanced discussions with several retailers considering the adoption of the g2 platform.
These milestones come as a result of Gentrack's multi-year investment in g2, its next-generation billing and CRM platform for energy and water retailers.
Mike Carruthers, Chief Strategy Officer at Gentrack, said:
"Retailers seeking an integrated CRM and billing solution are finding g2 particularly compelling, thanks to its ability to be rapidly deployed out of the box while still enabling deep differentiation through low-code and no-code technologies. And for retailers operating legacy billing systems alongside a modern CRM, the benefits can be hard to realise - this is where g2 resonates strongly, resolving key integration and performance challenges. As a result, interest in the platform continues to grow, and our pipeline is expanding across Europe, Asia, Australia and New Zealand."
Pennon Water Services selects g2 to fuel digital and customer innovation
In the UK business water sector, where Gentrack already supports a significant share of the market, Pennon Water Services has selected g2 to drive greater agility across its operations and to offer more innovative services to more than 150,000 non-residential customer accounts.
Stephen Burke, Interim Managing Director of Pennon Water Services, said:
"Our priority is to provide excellent service and real value for our customers. To achieve this, we need a partner with a deep understanding of the B2B water and wastewater sector and the operational realities behind it. Gentrack's expertise and leadership in the market give us real confidence as we move forward with this transformation. We're pleased to work with a team that understands our business and shares our ambition for what outstanding service can look like in this market."
Gentrack's g2 live with modern, cloud-based operations for Genesis Energy
Gentrack and Genesis Energy (NZX/ASX: GNE) have also completed a major milestone, with Genesis customers now live on the g2 platform. This deployment forms a key part of Genesis' plan to deliver simpler, faster and more efficient customer and operational processes.
Ed Hyde, Chief Transformation & Technology Officer at Genesis Energy, said:
"Our new billing and CRM platform enables us to streamline retail operations, deliver better experiences for our customers and teams, and explore new opportunities in the years ahead. It's a key enabler of our Gen35 strategy, allowing us to simplify, automate and innovate across our retail business to support our customers through the energy transition."
The go-live is part of a multi-phase programme that will see more of Genesis' retail customer base transition to g2.
Gentrack's g2, built on AWS and integrated with Salesforce, is a composable, cloud-native billing and CRM platform designed to simplify operations, reduce cost-to-serve and enable rapid innovation at scale. Its modern architecture gives utilities the flexibility, speed and resilience needed to evolve customer offerings and experiences in highly competitive markets.
24 November 2025
Market Announcement
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions for utilities and airports, today released its results for the full-year to 30 September 2025.
Results Summary
• Revenue: $230.2m – up 8% on FY24 with the Group's recurring revenues 13% higher at $155.4m.
• EBITDA: $27.8m – up 18% on FY24 with all R&D and g2.0 investment costs expensed.
• Statutory NPAT: $20.9m profit – up 119% over FY24.
• Cash: $84.8m an increase of $18.1m over FY24.
• No Dividend payable.
Overview
In October 2025 we passed a key milestone for our Utilities business with Genesis Energy of New Zealand going live on the first full scope deployment of g2.0, our new cloud-based platform with Salesforce's CRM embedded. Existing customers and prospects are engaged in understanding the benefits and experiences that g2.0 can bring to their customers. Soon ACEN of the Philippines will go live with g2.0 marking our first Asian customer with a full end to end g2.0 stack. Furthermore, as announced we have signed our first g2.0 water customer in the UK with our recent win at Pennon Water Services. Supporting B2B and mass market across both energy and water is a strong differentiator for Gentrack.
Our airports division, Veovo, which operates in 25+ countries and over 150 airports, has had another strong year. Veovo has continued to grow with current customers and win new customers while delivering more projects than ever before. This has led to an underlying revenue growth of 30% (excluding hardware sales) which has translated into excellent growth in recurring revenues and EBITDA contribution.
Financial performance
For the Group, revenues increased 8% over the prior period to $230.2m and the Group's recurring revenue was 13% higher at $155.4m with both our divisions seeing strong recurring revenue growth in FY25.
In our Utilities business, total revenue grew by 7% to $193.4m. Our recurring revenues grew strongly, by 12% as wins and upgrades from prior periods flowed through into recurring revenue. This uplift was partially offset by lower non-recurring revenues (5% lower than in FY24), a reflection of the high level of project work in the prior year and the variable nature of such revenues. We continue to expect strong levels of non-recurring revenue going forward.
Revenues at Veovo grew by 15% to $36.8m. This was driven by new customer wins in the prior year in the UK and the Middle East and from upgrades in APAC. Growth includes both higher recurring revenue, (up 18% over FY24) alongside more project work (non-recurring revenue was 13% higher even though more variable hardware sales, sourced from our supplier network, were $2.6m lower in FY25 at $4.2m).
EBITDA at $27.8m was 18% higher than FY24. We are investing more into our Product including as mentioned landing our first deployment of g2.0 in Genesis Energy and all of this spend has been expensed in the year. We have also increased investment in sales to support the high levels of activity we are seeing in our current pipeline.
Our NPAT of $20.9m is an increase of 119% over the prior year. This increase in profit includes a $2.2m loss being our share (10%) of the losses of Amber (which we account for as an associate company in our financial statements). Also excluded from EBITDA but within our NPAT, is $3.2m of foreign exchange gains arising from the appreciation of some of the currencies, principally Sterling, used by subsidiary companies, within the Group. The Group booked a tax credit of $0.6m in FY25 (compared to a tax charge of $5.1m in FY24), reflecting the tax relief received from the vesting of share-based payments in the year. We will see the benefit of this in our FY26 cashflow with reduced levels of tax paid as a result.
We continue to generate cash and maintain a strong balance sheet. Our cash at the end of the year was $84.8m, a $18.1m increase over FY24.
Gentrack's Utilities and Veovo businesses both operate in high growth and consolidating markets. The Board believes that the best use of the company's capital is to continue to invest in growth. We have therefore decided not to pay a dividend. We will keep the use of capital under regular review.
Bringing value to our Energy and Water customers
In addition to global expansion, we continue to see new opportunities for more water and energy customer wins across our core markets. Utility Warehouse, one of the UK's fastest growing retailers and a new billing customer win in FY25, supply energy and telecommunications products to nearly two million meter points and are combining Gentrack's billing software with their multi service delivery platform.
Across FY25, we signed several, long term billing renewals including with Engie, Shell Energy, Wave, Castle Water, So Energy and Marble Power in the UK, Vector in New Zealand and Singapore's Pacific Light. We also continue to work with our customers to enable innovative solutions across our base including for battery services at Ecotricity with Amber and for heat cylinder optimization and grid stability with Mercury in New Zealand.
Strong track record of successful transformations for our customers
Gentrack's track record of successful transformations is a core strength of our business and critical for customers and potential customers when choosing a software vendor. This last year we migrated Power and Water Corporation which is one of the more complex transformations worldwide representing a retailer that supports networks, energy and water to service consumers, industry and SMEs in a single platform. Also in Australia, Amber and Vocus, both new customer wins in FY24, are now live on their Gentrack platforms. In the UK, just over 6 months after contracting with Utility Warehouse, we have migrated their first customers across to their new platform.
During FY25, Gentrack successfully enabled 10 UK energy retailers to pass critical milestones in the Market-Wide Half-Hourly Settlement (MHHS) programme. This programme is central to the UK's energy transition and by enabling the settlement of half-hourly data for all electricity customers, it will support a more flexible, efficient, and greener system. Industry-wide change on this scale is complex. Building on our global experience (including Australia's transition from 30-minute to 5-minute settlement) we are helping our customers move through this transformation with confidence. We will continue working with our customers in FY26 to complete their MHHS transitions.
Veovo's Leading Technology Capabilities
Veovo's growth story has continued in FY25, driven by airports investing in digital transformation. This has meant major expansion within our largest customers, a continued move to our latest platform with Gen8 upgrades and new customers in the US, Canada, Brazil and APAC. Of note, is the signing of our contract with NAV CANADA, the Air Navigation Service Provider (ANSP) for Canadian Air Traffic Control. This contract will see the Veovo Billing platform responsible for all charging for the world's second largest ANSP. This is a long-term contract that reinforces Veovo's market leading position in aeronautical billing combined with entry into a new market segment with global potential.
FY25 has seen Veovo deliver more projects than ever before. This has seen multiple airports go-live in Saudi Arabia and at the Manchester Airport Group with our Passenger Predictability platform; Edinburgh Airport live with our Airport Operations Platform and a continued rollout of our Gen8 platform in Australia, New Zealand and EMEA ensuring continued customer retention.
Our Next Generation Resource Management System, brings this module on to our modern SaaS platform, with greater intelligence and optimisation capability. This is now in deployment at two airports, with a wider global rollout planned in 2026. Our win with London Gatwick for Integrated Airport Control is driving forward our AI/ML prediction platform as we deliver the first phase of their Total Airport Management concept.
Veovo enters FY26 with a very strong backlog of projects and strong pipeline. We expect the story to continue.
Looking Forward
Both the utilities and airports industries are transforming at pace. They are dynamic markets in a state of change, and we are confident in our ability to lead these markets globally over time.
We would like to thank our customers and shareholders for their continued support, and the entire Gentrack team for their achievements and commitment to Gentrack's future.
Outlook
Consistent with managements' track record, we are pleased to continue to deliver on our guidance, which for FY25 was $230m revenue at 12% EBITDA margin.
Based on the scale and maturity of our pipeline we are confident that revenue growth will be higher in FY26 than in FY25, but it is too early to provide further guidance.
With strong and growing engagement across EMEA and APAC, our proven track record and the market potential, we remain confident of our mid-term guidance of growing revenue more than 15% CAGR and an EBITDA margin of 15-20% after expensing all development costs.
Q&A:
Q: 10 opportunities mentioned?
Answer: Those 10 are all new customers in the pipeline
Q: Strong growth in FY27?
Answer: yup, based on announced deals.
Q: guidance question - how much of growth requires new contract wins from those 10 opportunities?
Answer: anticipated growth rate partly from growth in existing customer base, and some new wins.
Q: G2 now live, what does that mean for R&D cost going forward on financials?
Answer: We don't need to grow R&D expense as fast as revenue growth.
Q: Strong growth in FY27 - what does "Strong" mean?
Answer: moving back to 15% growth target
Q: of 10 prospects, timing of expected wins?
Answer: one reason why we holding back on firm guidance forecast, as timing is not certain, most will likely me mid-to-back half of year.
Q: What size deals warrant annoucements?
Answer: take on case by case basis
Q: When might you have confirmation that you have maintained Genesis B2B business?
Answer: focusing on B2C transition first, neither company focusing on B2B yet in our conversations.
Q: Constant currency growth rate in FY25 context for sales acceleration in FY26?
Answer: for FY26 we basing it on today's currency. currency benefit in FY25 was just one of several benefits that contributed to growth.
Q: G2 going live with Genesis - impact on pipeline?
Answer: Genesis being supportive, taking reference calls for potential Gentrack customers. G2 being live is obvious positive for achieving wins.
Q: preferred vendor vs shortlisted?
Answer: "preferred" means they have basically selected us, with little bit of follow-on work to confirm, "shortlist" usually means we are 1 of 2/3 vendors being considered.
Q: who are competitors normally in "shortlisted" situations?
Answer: The batch of competitors to go over the size of opportunities we dealing with is short. 4 or 5 competitors in the space, but just 1 or 2 we see frequently bidding as others have maybe dropped out of space.
Q: G2 milestone
Answer: longer we have new platform stacks running the better it is for wins, G2 going live a big moment.
Additional context answer: a lot of potential customers have existing Salesforce installs, so that is very beneficial for us as new platform includes it.
Q: 30 million user points new business pipeline (10 opportunities) meaning?
Answer: The current 10 opportunities in the pipeline matches scale of our current utilities business.
Q: cash balance query?
Answer: potential acquisitions in veovo could accurate growth, have large capability in M&A team now, being cautious about M&A.
Q: Competitive pressure on pricing?
Answer: S&P and Oracle have affordable software but large ongoing costs, so we like to talk TCO (total cost of ownership) to emphasize our benefits. other competitors have low set up costs but high ongoing costs. a lot of the other new entrants usually do not make it too far through the bidding process. we would like to drive down our upfront cost, and move more to recurring revenue, but bearing in mind government owned customers prefer higher upfront cost (Capex) and lower ongoing cost.
Q:
Answer: we are convinced we have the best most functional fully featured stack on the planet. Other competitors have nice looking front end, but limited back end functionality - now that we have upgraded front end with G2 that pairs with our superior back end features we have the full best stack.
Q: further R&D
Answer: constantly looking to new features to invest in the platform
Q: salesforce relationship?
Answer: salesforce an inherent part of our stack, they are a global leader and are a good partner, fundamental to our deployment strategy. Having salesforce as a partner as they have teams in every geographic area where we have no presence/language capability
Q: Amber investment?
Answer: feel very good about investment - they are presenting next Monday would encourage people to follow that
(some discussion about "batch" I didn't quite get - but Gentrack is good at it)
Q: C&I churn?
Answer: taking important steps to move G2 into B2B space. refer to recent setback with one customer in Australia was not a trend.
Q: 15% rev growth possible in 2027?
Answer: short answer: yes.
Gentrack is doing well and I decided to look at the annual report on this raining morning.
I got a surprise when reading the total remuneration of the CEO Gary Keith Miles (page 30, 2025 annual report)
Over the 2024 and 2025 financial years the combined financial benefit, salaries, long and short term incentives were around $21m, while the company had a NPAT of around $10m for 2024 and $21m for 2025 year. So combined for those 2 years a total profit of $31m.
This makes the CEO financial benefit of $21m look grossly out of proportion to me.
Maybe a CEO financial benefit could be capped at $1m plus a maximum of 15% of a companies profit.
What do others think?
:o $21m seems way over the top.
Quote from: Stockgathering on Jan 21, 2026, 11:30 AMGentrack is doing well and I decided to look at the annual report on this raining morning.
I got a surprise when reading the total remuneration of the CEO Gary Keith Miles (page 30, 2025 annual report)
Over the 2024 and 2025 financial years the combined financial benefit, salaries, long and short term incentives were around $21m, while the company had a NPAT of around $10m for 2024 and $21m for 2025 year. So combined for those 2 years a total profit of $31m.
This makes the CEO financial benefit of $21m look grossly out of proportion to me.
Maybe a CEO financial benefit could be capped at $1m plus a maximum of 15% of a companies profit.
What do others think?
You have to look at the long term incentive plan to understand the outsized compensation. I voted against it, but he did hit the metrics that were in the plan (which included a massive rise in stock price) so this is what shareholders voted for.