RaaS has published an update report on Know Your People' regtech company, Kinatico (ASX:KYP) following its FY24 results in which the company reported FY24 adjusted NPAT of $1.0m, a 32% increase on FY23 and c.70% ahead of our forecast for $0.6m.
Particularly pleasing in the result was the conversion of EBITDA to operating cashflow, with the metric rising to 92% in FY24, compared with 85% in FY23 and 60% two years ago.
The results were ahead of our forecasts and reflect the continued migration of existing customers from one-off transactional revenue to ongoing subscription for its compliance monitoring platform.
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