Revenue in the quarter just ended stayed relatively flat, increasing by 1% y-o-y to RM189.2 million. This was attributed to strong growth from Silverlake Axis (SGX:5CP
) ’ maintenance and enhancement services and project services businesses.
Total recurring revenue, which gives better earnings visibility, increased by 12% y-o-y to RM138.6 million, accounting for over 70% of the company’s total revenue.
Separately, the company announced it has secured contracts worth a total of RM124.5 million from customers in 1QFY2024.
It notes that it is “actively pursuing” a healthy deal pipeline of RM1.8 billion, and adds that it has a renewed focus on market development in the Middle East and Eastern European markets, where there are strong growth opportunities that are being prospected.
See also: Marco Polo Marine's FY2025 earnings up 169.7% y-o-y on one-off gains and higher chartering income
Silverlake Axis shares closed 0.5 cents or 1.85% up at 27.5 cents on Nov 15.
