Some ASX tech shares delivered huge returns in FY24, with triple-digit percentage gains. Given that the All Ordinaries (ASX: XAO) climbed by 8.3% during FY24, these All Ords tech stocks did remarkably well.
Some industries have advantages when it comes to growth, and tech may be the most advantaged of all. Many companies within the sector offer software that can achieve strong profit margins because of the software's intangible nature. They also may be able to deliver strong revenue growth because software can be instantly replicated, whereas physical goods require manufacturing, shipping, and storage.
Below are three of the best-performing ASX tech shares in FY24 within the All Ords. As always, remember that past performance is not a guarantee of future performance.
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Gentrack Group Ltd (ASX: GTK)
Over the 12 months to 30 June 2024, Gentrack shares rose by 140%. It's important to note Gentrack's 2024 financial year finishes on 30 September 2024, there are still a few months to go.
Gentrack provides software to energy and water utility companies, as well as airports.
The company is benefiting from a return passenger volume to airports, with the airports spending on projects and improvements. Gentrack is also winning customers and seeing customers upgrade.
In the recent FY24 first-half result, Gentrack reported revenue growth of 21% to $102 million and also upgraded its guidance. For FY24, it previously expected revenue of at least $170 million, and now its guidance is around $200 million of revenue for the current financial year.
The company also upgraded its earnings before interest, tax, depreciation and amortisation (EBITDA) guidance range to between $23.5 million and $26.5 million, up from the previous range of between $20.5 million and $25.5 million.
DUG Technology Ltd (ASX: DUG)
In the 12 months to 30 June 2024, DUG Technology shares rose by 136%.
This company specialises in "analytical software development, big-data services and reliable, green, high-performance computing (HPC)".
The market usually pays the most attention to a company's most recent update. For the FY24 third quarter, the ASX tech share's total revenue grew 39% year over year to US$17.6 million, and EBITDA rose 24% to US$4.6 million.
DUG Technology also reported US$14.6 million of new service projects were awarded in the three months to 31 March 2024, taking the total services order book at 31 March 2024 to US$43.1 million, an increase of 6% compared to 31 December 2023.
In addition, the company revealed plans to start a new business unit in the Middle East after unearthing a "great deal of opportunity" in Abu Dhabi.
Bravura Solutions Ltd (ASX: BVS)
The Bravura Solutions share price has soared 130% in the 12 months to 30 June 2024.
Bravura describes itself as a leading provider of software solutions for the wealth management, life insurance and funds administration industries.
The ASX tech share reported growth and a recovery in the FY24 first-half result, which showed revenue increased 7.4% to $127 million. EBITDA grew 11.5% to $7.9 million and cash EBITDA returned to profitability with $0.3 million of positive cash EBITDA generation. Adjusted net profit after tax (NPAT) rose $12.6 million to a loss of $1.7 million.
Bravura is forecasting that FY24 revenue to be around the same as FY23, while its transformation plan is now expected to deliver $40 million in gross cost-out savings.
