We are pleased to release our FY2020 Full Year Results and Annual Report to Shareholders today, showing a period of growth, integration and investment for Alcidion. We delivered $18.6M revenue for the full year, a 10% increase on the prior year despite a challenging backdrop in the second half due to the COVID-19 pandemic. Of this revenue, $10.5M is recurring revenue, a 35% increase on the prior year.
In FY2020 we commenced implementing our strategy to accelerate growth in all markets, making investments to expand our sales and marketing capabilities and enhancing our platform to meet new and evolving healthcare needs. As a result of these investments for growth, Alcidion delivered a net loss after tax of $3.1M.
The year also saw us sign strategically significant contracts in all markets, expanding our presence in the UK and establishing important partnerships in Australia, with opportunities to expand our work. We have entered FY2021 poised for growth, with a healthy balance sheet, $12.8M sold revenue already contracted to be recognised in the year ahead, and a strong pipeline of potential business.
We invite you to visit the dedicated page for the FY2020 Annual Report on our investor centre here.
Please see the Appendix 4E here and FY2020 Results Release announcement here.
A reminder that Alcidion Managing Director Ms Kate Quirke will host a results webcast today at 12:00pm AEST. A registration link can be found in the FY2020 Results Release announcement.
ALC Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
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(20min delay)