Global Invacom Group (QS9) AGM 2024 presentation summary

FY2023 developments

• Continued strategic and operational restructuring, delisted from AIM, sold Fibre TV to Home and exited the Smithfield, North Carolina manufacturing site, moving toward outsourced SMC production.

• Rolled out XRJ and XRE; secured an Eutelsat multi-year contract for XRE and a US Navy contract for military-grade GPS and SatCom repeaters.

Financial performance

• FY2023 revenue was $64.4m, down 11.5% from FY2022, with lower sales across main trading areas amid delayed satellite launches and legacy-product demand.

• FY2023 gross margin rose to 24.7% from 19.8% on a reclassified basis; after-tax loss narrowed to $1.0m from $15.5m, and EBITDA improved to $1.6m from a $10.5m loss.

• At FY2023 year-end, cash was $10.8m, debt $3.2m and net cash $7.6m; the US operation reported a $0.9m net loss and the rest of the Group traded close to break-even.

• FY2024 continuing-operations revenue fell to $34.7m from $39.8m, largely due to reduced demand from one major US customer; gross margin increased slightly to 39.4%.

• FY2024 continuing-operations after-tax loss widened to $5.1m from $0.1m; year-end cash was $5.1m, debt $0.2m and net cash $4.9m.

Operating changes and governance

• FY2024 US operations entered receivership amid falling product demand and continued losses; UK support functions and Asia operations were restructured, with staffing reductions in China and Malaysia.

• Alex Tan Tiong Huat and David Martin Gilmore joined the Board; two senior management appointments strengthened R&D and Sales capabilities.