AVA Risk Group and Airtasker exceeded their financial forecasts this morning
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AVA Risk Group is a risk management tech company focused on industries such as military, government and industrial clients. Its technologies include fibre optic intrusion detection, biometric readers and electromechanical locks.
It has repeatedly impressed investors with its financial performance and this latest update was no exemption.
AVA is forecasting $64.8 million in revenue, up from the $60-$64 million estimate provided just 2 months ago and up 41 per cent on FY20.
Group earnings are forecast to come in between $14.8-$15.8 million, which would be more than double that of FY20.
The company credited the performance to increased demand for remote services and technology to access devices, upgrades and maintenance support as well as orders delayed initially due to COVID-19 coming through.
It also reported finishing the year with $17.2 million in cash, up 123 per cent from 12 months ago.
Shares rose by as much as 12 per cent today and have more than tripled in the last 12 months.
Airtasker did not rise by as much as AVA Risk Group but showed a positive result.
Airtasker had forecast $143.7 million Gross Marketplace Volume (GMV) for FY21 in its prospectus prior to its ASX IPO, but said it now expects $153.1 million.
In the last quarter, GMV was $39.4 million representing a 39.1 per cent increase from the June quarter of FY20 which was the height of COVID-19 restrictions across Australia.
The company noted Melbourne’s recent lockdown resulted in a temporary decrease in marketplace activity followed by a sharp recovery.
It consequently said there to be no impact to the FY22 outlook at this stage in spite of lockdowns in multiple jurisdictions at the start of FY22.
Airtasker shares rose nearly 5 per cent this morning, and the stock is up 80 per cent from its IPO back in March.