WOTSO (WOT) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $49.7 million for FY24, driven by strong member uptake and network expansion.

• Statutory profit after tax reached $781,000, with funds from operations rising to $13 million.

• FlexSpace network expanded by five locations, now totaling 26 sites across Australia and New Zealand.

Financial highlights

• FlexSpace revenue grew 16% year-over-year to just over $30 million.

• Rental income from commercial properties increased 8% to $14.5 million, excluding Pyrmont investment.

• Average portfolio occupancy was 98%, with network occupancy at 81%.

• Revenue per available desk rose 5%, average desk price increased 3%, and membership grew 9%.

• Dividend maintained at 1.0 cent.

Outlook and guidance

• Focus for FY25 is on consolidating recent openings and maximizing revenue.

• Expansion of FlexSpace in H1 FY25 will be selective, only if suitable opportunities arise.