Friday 28th May 2021
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Transportation technology services company EROAD today released its financial results for the 2021 financial year. All numbers relate to the year ended 31 March 2021 and comparisons relate to the year ended 31 March 2020.
•Revenue grew to $91.6m, up 13% from FY20 and EBITDA grew by 13% to $30.7m
•EROAD grew contracted units by 9,715, while keeping ARPU and asset retention stable in challenging macro-economic conditions
•EROAD accelerated its growth strategies – extending the platform further and launching new products
•EROAD reiterates its FY22 guidance provided in November 2020
EROAD Chair Graham Stuart commented “EROAD recognised that this was the time to be bold and to prepare to take best advantage of growth opportunities when macro-economic conditions improved. For EROAD this meant increasing and accelerating its investment in its platform and products. The ASX listing and simultaneous $53m capital raise in September 2020 ensured we had the upfront funding to be able to begin this acceleration. We achieved what we set out to do. EROAD is now stronger than ever and ready to grow – and grow quickly.”
EROAD’s Board and Management reiterate the FY22 guidance provided November last year at the time of the H1 FY21 financial results release. It is anticipated that the percentage revenue growth in FY22 will strengthen from that delivered in FY21, but not be at the level experienced in FY20.
In New Zealand, EROAD expect to add a similar number of units to that seen prior to FY21 (~9,000 p.a). New Zealand Ehubo sales will be complemented with Clarity Dashcam sales. In North America, EROAD expect increased unit growth in FY22, supported by Clarity Dashcam sales, as economy returns to pre-COVID conditions. In Australia, growth during the next 2 years will come predominantly from an Enterprise pipeline of 15-20,000 vehicles. As EROAD continues to accelerate new product delivery for future growth in FY23 and FY24, we anticipate spending 24-27% of revenue on R&D during FY22. However, EROAD also anticipate that EBITDA margin will be maintained for FY22 but will improve at the end of FY22.
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