Join Proactive's Tylah Tully as she breaks down 'Just the Facts' of Synertec Corporation Ltd (ASX:SOP) financials from the 2024 fiscal year.
The company reported a 26% increase in revenue and other income… reaching 19.7 million dollars. The growth is driven by its expansion of the engineering services and contracts related to its micro-grid renewable energy and storage solution, Powerhouse.
It deployed three Powerhouse units through the financial year, contributing $1.1 million dollars to the group’s revenue. SOP is currently in discussions with 15 potential customers for future deployments of these units. Powerhouse has demonstrated superior performance with over 99.9% uptime and required no site visits or maintenance.
The company says it continues to deliver strong and consistent revenue growth, increasing revenue by over 135% since FY 2021. Adding the growth in revenue reflects the company’s expanding operational footprint, breadth of its services and increasing contribution from the Powerhouse technology.
Synertec’s managing director, Michael Carroll said: “Synertec continues to deliver strong and consistent revenue growth, having increased our revenue by over 135% since FY21. The growth in revenue reflects the expanding operational footprint of our Engineering business, the breadth of our services and increasing contribution from our Powerhouse technology via multiple, long term contracts.
“Our recent capital restructure combined with our first ever debt facility provides access to $21.0m in working capital at the commencement of FY25. This means Synertec has the technology, expertise, systems and balance sheet to deliver on our growth strategy. “It is particularly satisfying that our investments and our strategy are returning tangible results within the Group. Both our Engineering and Technology businesses are at exciting inflection points and are set to deliver significant value for our shareholders over the coming periods."