Straker announces interim FY22 result
Straker announces interim FY22 result
Straker Translations has released its results to 30 September 2021.
YEAR FINANCIAL HIGHLIGHTS:
- Revenue rises 57.6% to a record $23.3 million, with acquisitions and organic growth adding annualised revenue of $17.0 million compared to 1HFY21
- Organic growth in constant currency accelerated to 27% vs 2HFY21
- Gross profit rises 73% to 13.1 million from $7.5 million. Gross Margins rise to 56% of revenue from 51% lifted by high-margin Software as a Service (SaaS) revenue from Lingotek and efficiencies from the Straker’s RAY translation platform
- Strong balance sheet with cash on hand of $18.2 million and no debt
- FY22 guidance reaffirmed for revenue of greater than $50 million, an improvement of more than 60% year on year, and an increase in Gross Margin.
- otherwise stated, all figures are in NZ$ and all comparative figures refer to the same period in the prior financial year.
YEAR OPERATING HIGHLIGHTS:
- Quantum of work delivered under IBM strategic translations contract ahead of expectations, now running at more than 10 million words a month across 90 languages, from 1 million words in January
- Integration of Lingotek progressing well
- Business scaled and has invested ahead of the curve to support revenue materially higher than the $50m current forecast.
- Technology team achieves ISO27001 information security certification and links Straker’s systems with IBMs delivering operating efficiencies
- Advanced discussions with several potential bolt on acquisitions continue as Straker continues to drive the disruption and the consolidation of the localisation industry
Click here to read the full announcement.
For insight into why IBM chose Straker as their global supplier for translation services, watch the highlights of the interview with Lily Ryzebol, Senior Director, Globalization at IBM here.