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Spirit Technology Solutions Ltd (ASX:ST1)

ALERT: Price-sensitive ASX Announcement for ST1
Current share price for ST1 : $0.560 0.01 (1.82%)+
Announcement
Release
27 Aug 2025 8:44AM
Price at Release
$0.550
Full Release
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Summary
The Appendix 4E and Directors' Report for Spirit Technology Solutions Ltd for the financial year ended 30 June 2023 provides a comprehensive overview of the company’s performance, highlighting a decrease in revenue and underlying EBITDA compared to the previous year, largely due to strategic divestments and challenging macroeconomic conditions. The company shifted its focus towards higher-margin Managed Services and Recurring Revenue through the sale of non-core assets. Key achievements include improved gross margin, significant operational cost reductions, and the finalisation of the divestment of the Communication and SaaS businesses. The report details the company’s strategy to return to profitability by concentrating on its Managed Services business and includes information on board changes, remuneration, corporate governance, and risk management. The financial statements outline the company's assets, liabilities, and equity position at year-end.
Key Points
  • Revenue for FY23 was $87.3 million, down from $132.3 million in FY22, mainly due to the sale of non-core businesses.
  • Underlying EBITDA was a loss of $2.6 million compared to a $7.4 million profit in the previous year.
  • The company focused on Managed Services, resulting in a higher gross margin and recurring revenue growth.
  • The Communication and SaaS businesses were divested to streamline operations and focus on the core business.
  • Operational cost reductions of 16% were achieved, lowering costs to $33.6 million.
  • Net loss after tax for the year was $24.6 million, impacted by non-cash impairments and discontinued operations.
  • The board composition changed, with new appointments and departures detailed in the report.
  • The company’s strategy is to deliver sustainable profitability through concentrating on Managed Services and recurring revenue streams.
  • Remuneration details and governance practices are outlined, including risk management frameworks.
  • The financial statements provide a snapshot of the company’s financial position, assets, and liabilities as at 30 June 2023.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.