Image source: freepik

Highlights

  • IRI is a software and services company which offers management solutions to optimize business-critical systems
  • In FY23, the renewals book increased by 61% YoY and in FY24, it is expected to exceed FY23
  • Killelea (Stephen John) has the highest stake in IRI with a shareholding of approximately 29%

Integrated Research Limited (ASX: IRI) is an international software firm which offers performance and experience management solutions for the world’s mission critical ecosystem. The company provides access to customizable dashboards, comprehensive reporting, dynamic alerts, fast troubleshooting and real-time analytics.

In the financial year 2023 (FY23), the company recorded an 11% YoY increase in statutory revenue, driven by improvement in sales executions, healthier external trading conditions and larger renewals book. The renewals book surged by 61% YoY in FY23, backed by significant client wins across all products.

During the reported period, Statutory EBITDA grew by 42% YoY to AUD 12.1 million, while total contract value increased by 21% YoY to AUD 68.5 million.

Top 10 shareholders of IRI

The top 10 shareholders of IRI have nearly 40.96% shareholding in the company, while the top four have around 37.86% shareholding. Killelea (Stephen John) and Debenham (Nicholas Barry) have the highest stake in the firm with the shareholding of ~29.71% and ~4.93%, respectively.

Recent business update

Through an ASX filing date 24 October 2023, the company informed about the appointment of Michael Hitz as an independent non-executive director of the company, effective from 23 October 2023. He carries experience in engineering communications infrastructure, mining, telecommunications, and energy. Moreover, he has experience in merger and acquisitions, corporate strategy and investing space.

Outlook

In FY24, the company expects renewals book to exceed the previous year. Cash balance is expected to increase by the end of FY24 with the increase in sales, focused receivables collections program and reset of cost base.

The company is focused on product innovation retaining solid balance sheet and extending third-party alliances and partnerships. Expansion of product footprint, product innovation and enhancing customer retention and renewals yield are also the focus area of IRI.

Share performance of IRI

IRI shares closed 8.47% up at AUD 0.32 apiece on 1 December 2023. Including today’s gain, IRI’s share price has decreased by 40.74% in the past one year and has recorded a fall of 14.67% in the past three months.

The 52-week high of IRI is AUD 0.67, recorded on 31 January 2023, while the 52-week low is AUD 0.28, recorded on 22 November 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 1 December 2023. The reference data in this report has been partly sourced from REFINITIV.