RAS Technology Holdings (ASX:RTH)

RAS Technology Holdings (ASX:RTH), a leading sports wagering data supplier, has reported record FY22 results, with rapid revenue growth of $8.33 million, up 57% year on year (YoY), as the firm ramped up worldwide development ambitions. The Canberra-based firm increased its annualized monthly recurring revenue (AMRR) by 35% to $8.92 million, thanks to its rapid worldwide development and rising enterprise client base.

RAS is a major provider of premium data, improved content, and SaaS solutions to the worldwide racing and wagering sectors, with data powering the products of Sportsbet, Tabcorp, Bet365, Betfair, BlueBet, and the Entain-owned Ladbrokes, among others.

Bearing Fruit

The FY results reflected RAS Tech’s increased emphasis on excellent strategic alliances, with the business increasing its enterprise client base to 21 and an average annualized revenue per customer of $419,000, up from $344,000 the previous year. Crispe stated that the company’s efforts to establish the groundwork for future expansion bore fruit.

“In FY2023, we see enormous growth prospects, particularly in the UK and European markets, but also in North America, with rising demand for high-quality content, data, and analytics goods and services covering racing worldwide.”

“We continue to execute on our worldwide expansion objectives with new and extended commercial relationships globally, while also developing chances with Sky Racing World and XB-Net in the United States, and GBGB in the United Kingdom,” he added.

Robust balance sheet

Crispe also emphasized RAS’s robust balance sheet, which positions the firm well to capitalize on future possibilities. RAS reported a low cash burn of $1.23 million in the June quarter, with a good cash position of $10.77 million as of June 30, 2022, to support further expansion.

“We remain focused on acquisitions and partnership possibilities that accelerate the company’s worldwide expansion through technology, speed to market, or innovation,” he added.

“This search has produced and continues to produce fascinating ideas, which we are now evaluating.”

Featured Image: Megapixl @Janeh15