Straker Translations reported on Friday that it has earned $33 million NZD (19.37 million USD) in revenue during the first half of Fiscal Year 2023 (FY23) — a 42% increase from the same period just one year before.
FY23 has been shaping up to be a pretty big year for the New Zealand-based language service provider. In its report, the company cited robust organic growth and recent acquisitions — like its acquisition of IDEST, which was announced in the final quarter of Fiscal Year 2022 (FY22) — as grounds for the company’s strong performance from April 1 to Sept. 30.
According to the company’s Quarterly Activities Report released Oct. 28, the company remains optimistic that it will continue to build on this momentum through the second half of FY23, even in spite of “recent geopolitical tensions and macroeconomic conditions.”
“In the face of the global economic challenges, Straker’s global reach and capability as well as our technology leadership represent a more compelling proposition to customers than ever,” said Grant Straker, the company’s CEO and co-founder. “We are meanwhile building on these strengths with our focus on delivering service through workplace super apps that will further differentiate us from the competition.”
In addition to the company’s 42% increase in revenue from the first half of FY22, the company reported several other highlights from the current fiscal year. The second quarter of FY23 also saw a big increase from the same time period during the previous fiscal year: Revenues were up to $14.2 million NZD (8.32 million USD) during this period, up 19% from the second quarter of FY22’s revenue of $11.9 million (6.97 million USD).
“We have a strong balance sheet and are on track to deliver on the guidance issued at the end of May 2022 for profitable growth in revenue for the 12 months to the end of March 2023 of 20% and gross margins exceeding the 54% achieved in FY 2022,” Straker said.
Additionally, Straker’s acquisition of IDEST brought with it a long-term partnership with the United Nations, in which the company will provide technical translation and revision services from English into Spanish and French. The company also highlighted a recent partnership with Microsoft to translate print and online media into Māori, one of New Zealand’s official languages.