• Revenue of $11.0m, up from $9.3m in previous corresponding period
• $18m worth of contracts signed by October 2024, but some project commencements delayed
• Demand from Federal Government clients declined in November and December 2024

SOCO Corporation Ltd, a leading Australian information technology services consultancy, has announced its preliminary unaudited first-half FY2025 revenue of $11.0m, compared to $9.3m for the previous corresponding period. The half year started strongly with $18m worth of contracts signed by October 2024, but some project commencements have been delayed. Furthermore, demand from Federal Government clients declined in November and December 2024, in line with government policy to shift more work to public servants. This has impacted both the Axsym and existing SOCO business. The Company is making good progress to diversify its client base, particularly in Victoria and Queensland, and this will flow through in the revenue mix in FY2026 and beyond. SOCO also retains good relations with clients who have delayed project starts and management is confident of resuming these projects in future. In the case of the Federal Government, the current reduced demand is likely to persist until after the election. Based on current in-flight project and contract pipelines, management forecast full year FY2025 revenue to be in the range of $22.0m and $24.0m, which is lower than previous expectations but higher than prior full year revenue of $20.5m.

Management forecast full year FY2025 revenue to be in the range of $22.0m and $24.0m.

The Company is making good progress to diversify its client base, particularly in Victoria and Queensland, and this will flow through in the revenue mix in FY2026 and beyond. SOCO also retains good relations with clients who have delayed project starts and management is confident of resuming these projects in future.