Audience Analytics has reported net profit of $4.64 million for FY2023 ended Dec 31, 2023, down 18% y-o-y. Net profit was lumpy, with some $4.05 million recorded in 2HFY2023, down 28% y-o-y.
FY2023 revenue, meanwhile, was 4% higher y-o-y, at $14.63 million. 2HFY2023 revenue was 10% lower y-o-y, at $11.04 million.
Management attributed this to an increase in the number of participants and increase in selling prices for rental of exhibition booths for the Malaysia Career & Training Fair held in FY2023.
Cost of sales rose 31% y-o-y to $6.60 million for FY2023. Management blames an increase in “event-related costs”, such as cost of venue, production cost and performance cost as the group hosted physical events in Hong Kong, China, Philippines and Indonesia in FY2023, while the group hosted virtual events in those countries in FY2022.
Earnings per share fell 19% y-o-y to 2.75 cents.
The Board of Directors has proposed a first and final dividend of 1.7 cents per ordinary share, down from 1.8 cents this time last year.
See also: Audience Analytics 1HFY2023 earnings up 8-fold
Cash and cash equivalents increased by $1.54 million over the year to $18.95 million as at Dec 31, 2023.
Net cash generated from operating activities of $4.39 million was mainly derived from operating cash flows before working capital changes of $5.84 million and adjusted for net working capital inflow of $0.30 million and income tax paid of $1.75 million.
The revival of the group’s live-format events under the Business Impact Assessment and Recognition and Exhibitions segments played a crucial role in sustaining its strong market presence in 2023, says the company.
See also: Audience Analytics: Optimising businesses through digitalisation
“[Asia] is expected to experience economic growth in 2024, with the International Monetary Fund forecasting an expansion rate of 4.5%... This positive economic outlook will likely create a more vibrant business environment, making it crucial for organisations to attract and retain top talent,” says Audience Analytics’ management.
They add: “As a result, the group anticipates a rise in demand for its exhibitions and its flagship HR Asia recognition programme as companies seek to understand their workforce’s needs and aspirations, continue to invest in employee engagement and branding to improve satisfaction and reduce employee turnover rates.”
In August 2023, Audience Analytics reported earnings of $588,826 for its 1HFY2023, an eight-fold jump from $62,287 recorded in the year earlier.
Shares in Audience Analytics closed flat at 34 cents on Feb 26.
