New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

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<li>At its 2024 Annual Shareholder Meeting (ASM), ikeGPS Group (IKE) tempered the growth outlook for its Subscription segment, representing ~55% of 1Q25 sales.</li>
<li>Subscription revenue for FY25 is now expected to grow at ‘40% or greater vs pcp to ~$15m per annum or greater’, as compared to ‘50% or greater vs pcp to ~$16m per annum or greater’ when it released its FY24 results in May 2024.</li>
<li>No explanation was provided for the reduction. While guidance has been lowered by only NZ$1m at the lower end, we now have reduced confidence in the near-term growth trajectory for Subscription revenues, despite the rate of new customer wins tracking ahead of one new enterprise customer per week.</li>
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At its 2024 Annual Shareholder Meeting (ASM), ikeGPS Group (IKE) tempered the growth outlook for its Subscription segment, representing ~55% of 1Q25 sales.
Subscription revenue for FY25 is now expected to grow at ‘40% or greater vs pcp to ~$15m per annum or greater’, as compared to ‘50% or greater vs pcp to ~$16m per annum or greater’ when it released its FY24 results in May 2024.
No explanation was provided for the reduction. While guidance has been lowered by only NZ$1m at the lower end, we now have reduced confidence in the near-term growth trajectory for Subscription revenues, despite the rate of new customer wins tracking ahead of one new enterprise customer per week.






IkeGPS - ASM Commentary Lowers FY25 Growth Target

Ikegps

IkeGPS - ASM Commentary Lowers FY25 Growth Target