Credit Clear delivers record revenue of $42 million for FY24
Australian technology and debt resolution provider Credit Clear Limited have announce its financial results for the year ending 30 June 2024 (FY24).
Credit Clear delivered record revenue of $42.0 million for FY24, up 20% on pcp, achieving the top end of its guidance of $40 – $42 million. Revenue growth was driven by existing tier-1 clients, where the company is winning more share of wallet from existing clients and building revenue from new clients.
The company has achieved its Underlying EBITDA guidance, which was upgraded in June to in excess of $3.7 million, reporting Underlying EBITDA of $4.2 million for the year, a $4 million improvement on pcp.
The company have provided a FY25 guidance of $48 – $50 million revenue and +$7 million in Underlying EBITDA (excluding future acquisitions).
The company had $13.1 million cash at bank on 30 June 2024, a $1.1 million improvement year-on-year and is in a strong position to fund growth opportunities, including the potential to enter international markets.
In a statement to the ASX, Credit Clear stated, “The strong growth achieved during the year leaves the Company well-positioned to capitalise on the expected seasonal uplift heading into the first quarter of the new year, which historically is one of the strongest quarters of trading.”
Commenting on the successful results, Credit Clear CEO and MD, Andrew Smith, said, “Record revenue and a controlled cost base have helped to achieve and exceed our Underlying EBITDA guidance provided to the market. Our growth during the year overcame the seasonality of the Q2 and Q3 quarters, and we have seen the expected uplift in the seasonally stronger Q4, with record revenue of $11.5 million. Moving into FY25 we’re in an excellent position to capitalise on growth, with the first quarter of the financial year typically being one of our strongest quarters. Our ongoing success in winning new clients has been extended, and it is particularly pleasing to see eight companies achieve tier-1 status during the year, taking our total number of tier-1 clients from 12 to 20. The continued uptake of AI- driven digital engagement strategies by many of our largest clients is achieving better collection rates, while at the same time improving the end customer’s experience – a critical outcome as financial stress continues to rise in our community.”
