Key points
- Revenue decreased by 3.1% to $20,624,018
- Statutory Net Loss After Tax was $6,352,103
- Gross margin improved to 25.6% despite lower revenue
- Underlying EBITDA was a loss of $426,236
- No dividends were paid, recommended, or declared
Full summary
SOCO Corporation Ltd reported financial results for the year ended 30 June 2026. The company delivered revenue of $20,624,018, a decrease of 3.1% from the prior corresponding period. The statutory Net Loss After Tax was $6,352,103, compared to a profit of $68,275 in the previous year, primarily due to a non-cash impairment charge of $5,115,264 against the AxSym cash-generating unit. Gross margin improved to 25.6%, up from 24.2% in the prior year, with gross profit increasing by 2.6% to $5,284,322 despite the lower revenue. Underlying EBITDA was a loss of $426,236, compared to a profit of $208,718 in the previous year. The year was divided into two halves, with the first half affected by delayed project mobilization and lower utilization, and the second half seeing improved performance with increased revenue and gross margin. The company entered into contracts worth over $24,000,000 during FY26, with approximately $9,500,000 of contracted project value carried into FY27. Support and recurring revenue increased by 25% from H1 to H2. Net tangible assets per ordinary security were negative 0.09 cents, compared to 0.37 cents in the previous year, mainly due to the impairment. Total shares on issue at year-end were 139,355,091.
Guidance
Statutory Net Loss After Tax $6,352,103 for FY26
Outlook
The Group will continue to pursue its principal activities as an IT consultancy, specialising in the delivery of cloud solutions, business applications, and integration projects, with a focus on Microsoft solutions. The activities are not expected to materially change in the foreseeable future.