By Gavin Evans
Oct. 31 (BusinessDesk) - Utilities measurement specialist IkeGPS said first-half revenue rose 26 percent, buoyed by good North American demand for its new Ike Analyse product.
Revenue for the six months through September rose to about $4.4 million, from $3.5 million a year earlier. September quarter revenue climbed to $2.5 million from about $1.9 million three months earlier, the company said.
Gross margin for the half-year almost doubled to $2.9 million.
The Wellington-based company utilises GPS technology in its software and field equipment to measure and record pole and line data and make it easier for power and telecommunications firms to build and manage their networks.
The company listed four years ago and last month raised $5 million from new shares to provide working capital and help fund on-going product development.
Today Ike noted that six enterprise customers, including two tier-one electric utilities and four engineering groups doing network development for communications firms, had contracted for the new Ike Analyse product.
Chief executive Glenn Milnes noted that the annualised revenue rate from Ike Analyse sales grew to approximately $2 million in the second quarter, about double that earlier in 2018.
“Based on contracts in place we expect this annualised run rate to continue to increase through Q3 FY19 and with the potential for Ike Analyze sales to deliver outsize revenue growth over and above our base FY19 plan.”
Ike shares were recently unchanged at 62 cents. They have gained about 49 percent this year.