Urbanise delivers on Q1 revenue
Urbanise delivers on Q1 revenue, 66.2% increase year-on-year (53.3% before the impact of AASB15 revenue recognition adjustments)
Urbanise.com Limited (ASX:UBN, ‘Urbanise’ or ‘the Company’) is a leading provider of industry specific cloud-based software platforms designed and developed for the Strata, Facilities Management, Utilities and Insurance industries. We are pleased to announce that it has delivered revenue of $2.0 million for the quarter ended 30 September 2018 (Q1 FY19). Total revenue increased from $1.2 million for the previous corresponding period, an increase of 66.2%. This includes a revenue adjustment for AASB15 and excluding this, the year-on-year revenue growth for Q1 is 53.3%, despite the sale of the devices business in Q4 FY18.
Almero Strauss, Urbanise’s Executive Chairman said, “Urbanise is pleased to deliver a strong first quarter of the financial year. The Company continues to build on its market leading position in the Australian, South African and Middle East regions and is well positioned for future growth.
Urbanise exceeded budgeted sales targets, leading to an outstanding sales quarter. We continue to experience quarter over quarter growth in our sales and significantly reduced costs, validating the decision to focus and streamline the business which allows us to better communicate the value of our solutions and better support our client base. Our focus remains on scaling the business in the products and regions identified to maximise shareholder value over the long term.
As we continue to execute on our growth strategy, Urbanise has attracted great people that we are extremely proud of.
Urbanise remains in a position to exceed its budget for the year ending 30 June 2019.”