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CANADA SAPS ALITHYA RESULTS Featured

 A 20.4-percent drop in Canadian revenue led Alithya to a 6-percent decline in revenue for the year ended March 31.

Overall, revenue for fiscal 2024 was about $357.3 million, a drop of 6 percent from the prior year. The Toronto, Ont.-based Dynamics reseller blamed a drop in spending in the banking sector, combined with “certain client projects reaching maturity compared to the same quarter last year.”  COO Bernard Dockrill said the company had strong Q4 bookings, fueled by large wins in the healthcare and cybersecurity sectors. During the recent earnings webcast, Dockrill commented, “Our sense is that the low growth of the Canadian market in recent quarters is about to reverse.” That includes banking clients that are moving forward with stalled projects. Canadian revenue for the year was approximately $47 million. Revenue for the United States rose 2.4 percent to about $36.7 million, despite an unfavorable exchange rate. Dockrill said the Dynamics and Oracle businesses both grew in the U.S. but gave no specifics. Alithya lost roughly $12.1 million for the most recently ended year, off 44.6 percent from the loss in fiscal 2023. Alithya notes it has a strategic plan that calls for 5 percent to 10 percent annualized organic growth and a goal of acquiring businesses with approximately $109 million in revenue. CEO Paul Raymond said, “We have a healthy funnel of high-value complementary acquisition targets, and we will continue to focus on the United States, Canada, and Western Europe.” It also intends to increase utilization of AI and IP products.

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