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’ 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.
Silverlake Axis shares closed 0.5 cents or 1.85% up at 27.5 cents on Nov 15.
