Synertec boosts revenue 26% in FY24 driven by Powerhouse [Video]

Synertec Corporation Ltd (ASX:SOP) managing director Michael Carroll and general manager of finance Yash Gala join Proactive’s Tylah Tully to discuss 2024 financial year results featuring a 26% increase in revenue and other income to $19.7 million.

This growth was primarily driven by the expansion of its engineering services and deployment of its Powerhouse micro-grid renewable energy and storage solution. The company successfully rolled out three Powerhouse units during the fiscal year, contributing $1.1 million to group revenue, and is currently engaging with 15 potential customers for future deployments.

The Powerhouse units demonstrated superior performance with more than 99.9% uptime and no need for site visits or maintenance. Synertec has also formed an exclusive partnership with Siemens to support further development and market expansion of the Powerhouse technology.
Since FY2021, Synertec’s revenue has increased 135%, reflecting the company’s expanding operational footprint and the growing contribution of Powerhouse technology through long-term contracts.

The company recently completed a capital restructure and secured its first debt facility, providing $21 million in working capital for FY25. Synertec’s management emphasized their focus on strategy execution and their commitment to delivering significant value for shareholders as the technology and engineering businesses reach critical growth stages.

Synertec is holding a webinar on Friday August 6 at 2pm to discuss its results and key achievements.

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