Sports technology developer Catapult Group International (ASX: CAT) has recorded a $17.3 million net loss after tax for FY18, as the group continues trying to keep down travel and labour costs as it rolls out new technologies and garners new high-profile domestic and international elite clients.
The company has posted a 26 per cent revenue growth year-on-year and signing deals with the UK's Rugby Football League, Scottish Rugby and the AFL Women's League.
Catapult CEO Joe Powell says the company's continued focus on developing its core business has been a key reason for its strong sales performance.
"This is a strong set of results for the Company, both financially and operationally," he says.
"We have continued to execute on our strategy delivering strong growth and profitable performance in our Core business, which now has over 1,800 clients across 35 sports globally."
The company creates technology solutions that help scientists and sports teams like the Dallas Mavericks, the Wallabies and Bayern Munich train and play more effectively with the help of core business products such as Elite Wearables and Elite Video.
These sports analytics tools accounted for 96 per cent of the company's revenue for FY18.
The company has recently completed an institutional placement overseas to improve its product offering.
"We are proud of the recent product developments we have launched to our Elite and Prosumer markets this year, including Catapult Vision and PLAYR.
"These new products form a large part of our continued focus on innovation and growth."
Looking ahead to FY19, Catapult plans to rely on innovation as its key pillar for business and has its eye set on expanding into new markets.
Shares in Catapult Group International Limited were trading at $1.07 per share at 1:30pm AEST.
Business News Australia
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