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FOR IMMEDIATE RELEASE 29 November 2021 40 % revenue growth on constant currency basis and 135 % growth of new contracts won against PCP GPS ikeP IKE 1H FY22 Result ikeGPS Group Limited ( IKE ) ( NZX : IKE / ASX : IKE ) is pleased to release an update for the half year to 30 September 2021 ( all figures NZD ) . The IKE platform allows electric utilities , communications companies , and their engineering service providers to increase speed , quality , and safety for the construction and maintenance of distribution assets . The revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE platform and the volume of assets ( called Transactions ) being processed through the IKE software . Highlights for the First Half to September 2021 : Revenue of approximately $ 5.7m ( approximately 30 % higher than pcp and approximately 40 % higher than pcp on a constant currency basis ) . + + + New contracts closed in 1H FY22 were approximately $ 10.9m ( approximately 135 % higher than pcp ) . + Another very strong period for new contract wins . The majority of these contracts are expected to be recognized over the next 12 months , reflecting how U.S. markets have bounced forward from the impacts of COVID - 19 . Gross margin of approximately $ 3.6m ( pcp of $ 2.9m ) , with a gross margin percentage of approximately 63 % ( pcp of 67 % ) . Operating cash flow of approximately ( $ 2.8m ) ( pcp of ( $ 1.4m ) ) Net loss of approximately $ 6.2m ( pcp of $ 2.6m ) , in line with IKE's growth , investment , and customer acquisition strategy . Total cash and receivables 30 September 2021 of approximately $ 32m , with no debt . IKE CEO , Glenn Milnes , said : " The first half was the strongest ever period for our business . The level of new contracts won in calendar 2021 to date total more than $ 21m , noting that these contracts are based on our customers entering into network projects and that the timing and delivery of this revenue is dependent on customer execution . This level of won business is against FY21 full year revenue ( to March 2021 ) of $ 9.3m , and as such provides us with a high level of confidence for the potential for substantial growth in FY22 and FY23 , notwithstanding timing risks around some customer projects as above . " We continue to be pleased with progress and the integration of the recently acquired IKE Insight solution , with numerous customers progressing positively . We are optimistic that this additive Artificial Intelligence ( Al ) solution specific for poles can become another important growth driver