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IkeGPS cuts staff by 19%, posts $6.9m HY loss

Pole measuring software provider says communications market slowdown has affected revenue, but long-term trend still positive.

IkeGPS’s technology specialises in measuring utilities poles.

Will Mace Wed, 29 Nov 2023
Key points
  • Revenue: Down 32% to $10.5m
  • Net loss: Down to $6.9m from a $1.1m profit
  • Main takeaway: Company has reduced cost base to maintain the timeframe towards both earnings and cash positive operations.

IkeGPS Group has cut about 19% of its total number of employees – mostly US-based back office and service roles – to keep it on target for achieving both earnings and cash positive operations.

The NZX and ASX-listed company – whose technology helps utilities such as lines companies manage

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Will Mace Wed, 29 Nov 2023
Contact the Writer: william@nbr.co.nz
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Key points
  • Revenue: Down 32% to $10.5m
  • Net loss: Down to $6.9m from a $1.1m profit
  • Main takeaway: Company has reduced cost base to maintain the timeframe towards both earnings and cash positive operations.
Company profile
Powered by: nzx logo
Change:
Price
Previous Close
Turnover
Movement
Volume
Avg Daily Volume
Daily High
Daily Low
52 Week High
52 Week Low
IkeGPS cuts staff by 19%, posts $6.9m HY loss
Investment,
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