Excite Technology Services Ltd reports 94% increase in loss
Key points
- Revenue up 53% to $12.27 million
- Loss after tax up 94% to $4.44 million
- Acquisition of CBIT Pty Ltd completed in October 2024
Full summary
Excite Technology Services Limited has reported its preliminary financial results for the year ended 31 March 2025. The company's revenue from ordinary activities increased by 53% to $12,267,050, while the loss from ordinary activities after tax attributable to the owners of Excite Technology Services Limited increased by 94% to $4,435,887. The loss for the year was attributed to increased expenses, including software and hardware for resale, employee benefits, and office and administration expenses. The company also reported a net tangible assets per ordinary security of (0.04) cents, compared to (0.03) cents in the previous period. During the year, Excite Technology Services entered into a Binding Term Sheet to acquire 100% of the share capital of CBIT Pty Ltd, which was subsequently completed and announced to the ASX on 8 October 2024. The financial report is in the process of being audited, with an expectation of an unmodified audit report containing a material uncertainty relating to going concern.
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