Good morning, everyone, and thank you for joining us today. We are happy to present the full-year results for IMEXHS Limited for the financial year 2024. Our agenda for today's presentation is as follows. Let's begin by taking a closer look at our company and its performance in the past year. Going to Slides 3 and 4. At IMEXHS, we remain committed to democratizing access to medical imaging expertise by delivering world-class cloud-based medical imaging software and radiology services. Our business is structured around two core segments: medical imaging software. We provide cutting-edge, AI-powered cloud-based imaging solutions that enhance diagnostic capabilities and streamline workflow efficiency. Radiology services, our comprehensive outsourcing solutions, enable hospitals and medical facilities to access high-quality imaging services through both on-premise and remote models. Our innovative approach continues to drive growth and expansion across multiple geographies. Turning to Slide 5, IMEXHS has established a significant global presence.
Software is deployed in 18 countries with 518 sites actively using our solutions. 27 distributors operate across 18 countries, strengthening our international reach. Radiology services are currently provided in Colombia, Spain, and Mexico, with a robust network of 36 radiology centers and over 160 in-house radiologists. Our expanding global footprint is a testament to the scalability and value proposition of our solutions. Going to Slide 6 and 7, business highlights. We are pleased to share some key financial achievements for FY 2024. Revenue reached AUD 26.5 million, reflecting a 34% year-on-year increase and a 27% increase on a constant currency basis.
Annual recurring revenue, ARR, grew to AUD 30 million, up 20% year-on-year. EBITDA of AUD 0.5 million showed an improvement from AUD 0.2 million in FY 2023. Closing cash balance of AUD 2.1 million compared to AUD 2.4 million in FY 2023. These results demonstrate the continued resiliency and scalability of our business model. Going to Slides 8 and 9, operational highlights. We have also made strong operational progress. We secured key contract renewals, Colsubsidio , three-year contract, AUD 575,000 ARR, and an increase of AUD 150,000 versus prior terms. Colombian National Police, AUD 2.5 million total ARR with an additional AUD 352,000 in new ARR.
New contract with Hospital General de Medellín with an ARR of AUD 230,000. We expanded presence in Peru with DPI, AUD 140,000 ARR. Software installations increased to 525 globally. Strategic price adjustments and improved cost control are driving margin improvements. Early-stage deployment of our new value proposition software across eight customer sites. These developments underscore the strong demand for our solutions and the effectiveness of our growth strategies. Turning to Slide 10, a closer look at our financial performance shows software revenue grew to AUD 8.9 million, an increase of 17% year-on-year. Radiology services revenue surged to AUD 17.6 million, up 45% year-on-year.
97% of our total revenue is recurring, reinforcing our predictable revenue model. Net assets stand at AUD 14.5 million. The debt reduced to AUD 1.2 million, down from AUD 1.3 million in FY 2023. Going to Slide 12, ARR reached AUD 30 million, marking a 20% year-on-year increase. Software ARR stands at AUD 9.9 million, a 9% increase from 2023. Radiology services ARR reached AUD 20.1 million, up 26% from the previous year. 59% of our software ARR is now priced in hard currencies, providing greater financial stability. These results reflect our strategic focus on building long-term sustainable revenue streams. I will now hand over to Reena Minhas, our CFO, for the financial presentation.
Thanks, German. I will now run through the FY 2024 financial performance of the company, starting on Slide 14. FY 2024 revenue of AUD 26.5 million was up 34% versus PCP and up 27% on a constant currency basis. FY 2024 revenue included a one-off sale of AUD 0.7 million. 97% of the total revenue was recurring. Underlying EBITDA, which excludes share-based payment expenses, foreign exchange movements, and an impairment charge, was AUD 0.5 million, which was up AUD 0.3 million versus PCP profit of AUD 0.2 million. Moving to Slide 15, the balance sheet. At 31 December, the company had a closing cash balance of AUD 2.1 million and net assets of AUD 14.5 million.
Intangible assets of AUD 8.1 million consist of goodwill of AUD 4.6 million for radiology services business, software assets of AUD 2.6 million, and AUD 0.8 million for customer contracts. Debt of AUD 1.2 million at 31 December was down from AUD 1.3 million at 31 December 2023. Receivables include delayed outstanding payments from a customer, which we exited in September. The customer has entered into a binding payment agreement, and payments are being made in line with that payment schedule. The receivable has been split as current and non-current in line with the payment schedule. Due to the early nature of the agreement, a credit loss provision of AUD 157,000 has been taken in the year and will be written back to the P&L as the outstanding balance reduces. The provision has been excluded from underlying EBITDA.
Slide 16 summarizes the cash flow. The cash balance at 31 December was AUD 2.1 million versus AUD 2.4 million at the end of the prior year. The revenue growth during the year consumed significant working capital, leading to net cash used in operating activities of AUD 0.6 million. Net cash used in investing activities of AUD 0.8 million was down versus PCP, mainly due to the sale proceeds from the sale of an MRI scanner of AUD 0.8 million. Net cash from financing activities was AUD 1.1 million, with AUD 1.5 million raised via placement to strengthen the company's balance sheet and to support growth. I will now hand back to German to take you through the strategy and outlook.
Thank you, Reena. Looking ahead, we are committed to executing our new value proposition, which will make us much more competitive and focuses on, first, AI-enhanced radiology software enabling advanced imaging capabilities. Two, enhanced cybersecurity with ISO 27001 certification in progress. Three, operational efficiency improvements, ensuring faster deployment and better customer support. Turning to Slide 19, product and software updates. New Aquila RIS/PACS system, which is cloud-native and HIPAA compliant, is now about to get the ISO 27001 certification. AI-powered enhancement fully integrated. We have also successfully deployed the trial of our new value proposition at eight sites with very positive feedback. The Universal Viewer is also getting improvements, like faster image loading and enhanced MR series segmentation. We redesigned our DICOM gateway to lower customer implementation costs. The IMEXHS Patient Portal, version 3.2.0, now has better communication and integration capabilities.
Turning to Slide 20, focus areas for FY 2025. We have set clear priorities for the coming year: expanding software sales in Mexico and Latin America, optimizing radiology service contracts for better profitability, continuing disciplined cost management to enhance operational efficiency. Going to Slide 21, FY 2025 outlook. First half of FY 2025 will be dedicated to the investment in sales and marketing to drive software adoption. Second half, we will have greater profitability from improved pricing and productivity gains. Our target is to achieve strong revenue growth while remaining EBITDA and cash flow positive. Thank you for your attention today. We will welcome any questions. Do we have any questions, Reena?
Not at the moment. Please either raise your hand and I can unmute you, or if you could type a question in the Q&A function. Not at the moment, German.
Let's wait a few minutes more.
Yeah. If anyone would like to ask a question, please either raise your—there is a raise hand button at the top of the screen, or there is a Q&A function. Please type it in there. Let me just wait another couple of minutes, German, and...
Sure.
Okay. It appears there's no questions, German, so...
Thank you, everybody, for making the time this morning for our FY 2024 full-year results presentation. We remain committed to deliver the best results possible. Thank you very much.