Highlights for the quarter ended 30 September 2018:
- Urbanise delivered revenue of $2.0 million for the quarter ended 30 September 2018, increasing total revenue by 66.2% (53.3% before AASB15 adjustment) over the corresponding prior year quarter
- Urbanise significantly reduced its cost base through the rationalisation program executed in Q4 of FY2018. Normalised cost (excluding recovery of debts written off in Q1 FY2018) decreased by 32.1% from the corresponding quarter in the prior financial year
- Staff headcount decreased to 63, a decrease of 43.7% over the year to 30 September 2018. The majority of the reduction was due to the sale of the Devices business in April 2018 as well as the rationalisation program completed in Q4 of FY18
- On 29 August 2018 Urbanise announced a pro-rata underwritten non-renounceable rights issue to raise $4,094,986. The rights issue was on a 1:3.5 basis at an issue price of $0.027 per share. This process is now completed, and all the funds were received in October 2018