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Clear signs of scalability in solid report Sensys Gatso reported a solid Q4(23). Revenues grew by 42%, driven by high systems sales, with a large Middle Eastern contract being delivered. EBIT developed healthily in the quarter, reaching a record-high for recent times following a weaker period. Systems sales typically bring lower gross margins, with this decreasing to 41.6% from 48.5% in Q4(22). In absolute terms, gross profits reached a record level, however. Sales growth for full-year 2023 was 26%, while operating expenses rose by 11.4%, offering increasing evidence of scalability. Revenues from TRaaS continued to grow, up 12% Y/Y in Q4(23) and accounting for 58% of total revenues for the full year. This is close to the company's 60% target for 2025.
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