Office furniture and tough tech powers minnow Inventis to a record FY21 sales update
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Shares in tech minnow Inventis (ASX:IVT) ripped to a multi-year high this morning, after investors cheered on its sales update.
The company flagged preliminary (unaudited) full-year revenues of $16.8m, which is up 16% on FY20 and would mark a new record high for the group.
That was enough to see shares in IVT almost double, as the stock ripped higher in percentage terms to 1.4c.
What may have prompted the surge was some extra detail accompanying the financial update, which included news of a multi-year deal with the NSW government.
Inventis said its furniture division had won a preferential supply deal to provide furniture items on a five-year term.
The company added that its Opentec subsidiary has some potential deals in the pipeline for international customers that Inventis described as “multi-million-dollar supply confirmations” expected to underpin the performance of its rugged solutions division.
Opentec specialises in computer devices that are built to withstand rugged conditions such as long-haul transport and military & defence requirements.
Inventis operates a three-channel structure comprising its rugged solutions division, the furniture division and a tech division.
In the tech division, Inventis advised that it recently lodged the US Patent for its Hazavoid alert system, while its Winya Indigenous Furniture recently opened its first pilot showroom at the Metcentre in Sydney’s CBD, with a second showroom planned for Brisbane next year.
The company’s product suite includes a patented smart-chair that sends phone alerts when your posture is slipping, or when you’ve been sitting for too long.
More broadly, Inventis said it also booked record monthly sales growth in June, despite some logistics restrictions stemming from the latest outbreak of COVID-19 in greater Sydney.
Monthly sales gains were led by its technology division, which posted a 56% increase in sales compared to the prior comparative period.