Hubify (ASX:HFY) grows its EBITDA by over 300%

ICT and cybersecurity services provider Hubify (ASX:HFY) impressed its shareholders with a trading update on Tuesday morning. Unaudited results depict record revenues and EBITDA more than quadrupling!

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Hubify appears to have had a strong FY23

Hubify has released unaudited results for FY23. The company’s revenues from customers only increased by 8% but it nonetheless recorded a record with $25.7m.

EBITDA was only $1m but appears to be $4.4m in FY23, representing 342% growth! Cash at bank more than doubled from $2.7m to $5.6m and the company retains its debt-free status. The company credited the result to the continued take-up of managed and professional services as well as generating synergies from past acquisitions.

Good growth expected in FY24

Hubify told investors that it expected a good year in FY24. If reported the expansion of enterprise customer offerings in business IT, Cloud services, IT infrastructure and cybersecurity as well as strong customer demand for both. It also hinted at further M&A activity in the months ahead.

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