Plexure Cash Flow Positive and 61% Revenue Growth in FY18
30/5/2018, 9:58 am ANNREP
- Significantly improved financial performance – revenue growth of 61%, up $4.474m from FY17.
- The Company had $4.097m of cash on hand at balance date and remains cash flow positive with cashflow from operating activities generating $2.634m.
- Significant reduction in operating expenses resulting in a substantial decrease in net loss after tax by 74% for FY18.
- A new executive team to take the business to the next stage of growth.
- Implementation of a refined strategic direction with a focus on growing existing customers and new business development.
- Significant new product extension with the development and deployment of mobile order and pay for McDonald’s.
For the year ended 31 March 2018, the Company’s total comprehensive loss decreased by 75% to $1.617m (2017: $6.482m). The decrease in the loss was driven by strong revenue growth and a decrease in operating expenses, which resulted in the Company becoming cash flow positive for the year.
Plexure’s strong revenue growth of 61%, or $4.474m, came from existing customers with whom the Company continues to develop and grow commercially significant relationships. The Company’s global footprint also continues to grow with 18 countries added in the year ended 31 March 2018 through its relationship with McDonald’s. Deeper relationships throughout Plexure’s customer set have fuelled significant new revenues, as the Company continues to build new features and capabilities into its technology platform.
Operating expenses decreased by 13%, or $1.737m, during the year, primarily through cost management and re-structuring.
Of the total comprehensive loss of $1.617m, $1.255m relates solely to the accounting treatment of the $1.675m convertible note.
The Board is extremely pleased with the progress the Company has made in the last 12 months. The financial results, cash position and substantial reduction in loss are clear evidence that our strategic direction is positioning Plexure for sustainable growth and profitability.
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