OTTAWA, ON, April 4, 2024 /CNW/ - Intouch Insight Ltd, ("Intouch" or "the Company") (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced financial results for the year ended December 31, 2023.
Key highlights for 2023
- Successfully acquired Alta360 Research Inc. and Ardent Retail Services Inc.
- Revenue increased 8% to $25,433,731 compared to $23,486,835 in 2022.
- Recurring revenue increased 6% to $22,772,976 from $21,560,385 in 2022.
- Investment in selling expenses and product development increased by 16% to $4,368,336 from $3,766,474 in 2022.
- Income from operating activities decreased to $458,561 compared to $920,532 in 2022.
- Adjusted EBITDA decreased to $1,524,275 compared to $2,227,275 in 2022.
- Gross margin decreased to 46.2% from 50.7% in 2022 due to the shift in product mix, including introducing lower margin Ardent revenues.
- SaaS revenues grew 15% organically, the eighth consecutive year of double-digit growth.
"We are proud to have delivered on the goals and expectations we set for 2023. At the outset, we knew that 2023 would be challenging due to the uncertain economic times and the need to replace two million dollars of non-recurring revenue from 2022. This challenge was met, and we were able to grow not only recurring revenues but overall revenues while increasing our investment in future growth, delivering significant EBITDA, and successfully integrating our latest acquisitions," said Cameron Watt, President & Chief Executive Officer of the Company.
"We expect our revenues from traditional business lines to exceed the $23 million from 2023 and Ardent revenues to be incremental to this core growth. Therefore, we are forecasting total revenue growth of between 25% and 40% in 2024. The amount of the final revenue for the corporation will be dependent upon the general market conditions, the timing of new revenue acquisition, and the ability of Ardent to deliver on its business plan," said Watt.
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Consolidated Statements of Operations
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2023
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2022
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Revenue
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$ 25,433,731
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$ 23,486,835
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Cost of services
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13,677,101
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11,578,570
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Gross margin
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11,756,630
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11,908,265
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Total operating expenses
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11,298,069
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10,987,733
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Income from operating activities
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458,561
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920,532
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Non-operating (expenses) income
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(690,444)
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(388,984)
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Income tax recovery (expense)
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(152,435)
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78,316
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Net income (loss)
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$ (384,318)
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$ 609,864
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About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America's most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Intouch Insight Ltd.
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