Gentrack, the maker of software power companies, water utilities and airports use, has reported a strong first half and increased its earnings and revenue guidance for the full year.

Its airports business, Veovo, continued its post-pandemic revival. Revenue grew 49.4 per cent over the first half of 2023 to $15.5m – its best half-year result to date.

And utilities revenue was up 17 per cent to $86.5m – despite a $20m revenue hole left by former customers who went insolvent during the UK’s water utility crisis.

Overall revenue was up 21 per cent to $102.0m.

Net profit increased by a third to $5.3m, ebitda was down 23 per cent to $12.3m.

Chief executive Gary Miles railed against the former Government for Gentrack missing out on Three Waters contracts (which went to multinationals), despite its strong offshore record. Today, his firm highlighted local sins, including Mercury’s switch to Gentrack from the multinational SAP, plus an upgrade at Genesis.

Guidance raised

The Auckland-based NZX and ASX-listed firm has raised its full-year operating earnings guidance to $23.5-26.5 million from the previous $20.5-25.5m.

And full-year revenue guidance – already bumped from $157-160m to $170m, has been increased again, this time to $200m.

Gentrack shares closed Friday at $7.96. The stock is up 133 per cent over the past 12 months, making it one of the NZX’s top performers.

Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.