Catapult advises of strong half year financial performance

November 16, 2024

Sports performance analytics company Catapult Group International has announced a 20% growth in its Annualised Contract Value (ACV) for the half-year ending 30th September 2024, alongside significant increases in revenue and free cash flow.

The rise in ACV during the first half of the Melbourne headquartered company’s financial year was driven by expansion in Catapult’s Performance & Health and Tactics & Coaching verticals, driving a rise in revenue to US$57.8 million, with free cash flow improving to US$4.8 million, already surpassing its full-year free cash flow for the previous 12 months.

Expressing his satisfaction with the company's performance, Catapult Chief Executive and Managing Director, Will Lopes stated "Catapult started FY25 exactly how we finished FY24, delivering another strong performance and growing our Annualised Contract Value, our primary metric, by another 20% year-on-year.”

Lopes advised that the company’s SaaS growth engine “enabled strong growth in our profit margin, accelerating us to improved levels on the Rule of 40 - an important valuation metric for SaaS companies - as we kept 75% of every new dollar we generated in revenue.”

He went on to say that “Catapult continues to generate top-line growth and bottom-line expansion, as we capitalise on the global opportunity ahead of us."

The company highlighted a strong performance within its core SaaS verticals, with substantial growth in ACV. The Performance & Health sector, which includes wearables, observed a 22% increase, partly due to penetration into new geographical markets and sports segments, including league-wide deals in soccer across Europe, the Middle East, Africa and Asia.

The six months to the end of September saw the continuation of Catapult’s expansion in North America, supported by growth in its football and motorsport customer bases.

Catapult Chief Financial Officer, Bob Cruickshank went on to say "Catapult continues to deliver a financial performance consistent with some of the best SaaS businesses we benchmark ourselves against.

“Whether it be our top-line growth, disciplined cost management, or incremental profitability; I am extremely pleased with the progress we continue to make. Exceeding US$50 million of recurring revenue in a half year for the very first time highlights the strength of our product, technology, and market leadership position."

The company has managed to reduce its debt significantly, with net repayments totalling US$6 million, leaving an existing debt balance of US$5 million, down from a peak of US$15.7 million at the end of the 2023 financial year.

Further developments include several new product solutions introduced in the first half of next year, reflecting Catapult's continued investment in research and development. Notable launches include sideline video analysis for American football, next-gen presentation tools, and new algorithms for performance metrics in various sports.

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