* Continues strong momentum driven by the electric vehicle, energy storage and hard disk drive industries
Key Financial Performance Highlights for Q1FY2023:
* Strong QoQ performance, with revenue recording a 81.6% growth driven by increased orders in the e-mobility, EV & energy storage and hard disk drive segments
* PAT at
BANGI,
Genetec's recorded a profit before tax (PBT) of
PAT was boosted on the back of strong revenue growth momentum for the quarter at
Genetec commented, "The momentum in the EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change. Global sales of EV have doubled up in 2021. The total number of EVs have grown steadily in 2022, with with 2 million sold in the first quarter, up 75% from the same period in 2021[1]. This shift to electric heralds the beginning of a new ecosystem which Genetec is part of. In addition to vehicles, countries and companies will need to roll out the charging and servicing ecosystem to support this new generation of transport vehicles. In tandem with global digitalisation, the needs for the building blocks such as energy and data storage will continue to rise. This is where Genetec is strong and we will continue to improve on our offerings through research and development whilst deepening our share of market in the e-mobility, energy storage and HDD segments. Meanwhile, we remain vigilant of the macroeconomic headwinds and supply chain challenges and will continue to adopt a prudent stance in our cost and financial
.
(C) 2022 M2 COMMUNICATIONS, source