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A recent financial report from Wavenet shows the company made a pre-tax loss of £8.4 million for the year ended 31st March 2024, compared to a £2.7 million profit for the previous financial year.
However, the company also increased its turnover by 44 per cent to £171.1 million, up from £118.7 million in 2023, and it reported adjusted EBITDA up from £32.8 million from £25 million.
In addition, Wavenet’s cash generated from operating activity rose from £21.1 million to £28.3 million.
The company also posted an operating loss for the year of £6.2 million versus an operating profit of £2.8 million for the year to 31 March 2023.
Its net assets were £263.6 million compared to £165.4 million on 31st March 2023.
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