Urbanise.com Limited (ASX:UBN, ‘Urbanise’ or ‘the Company’) is pleased to announce strong revenue growth and improving cashflow for the 9-month period ending 31 March 2019.
• Revenue increased to $6.0m for the 9 month period, increasing by 46% over the Previous Corresponding Period (FY2018) (“PCP”).
• Normalised expenses (excluding recovery of debts written off in 1H FY2018) decreased by 32% from the PCP.
• Average monthly cashflow improved by more than $600k per month, from $(909)k per month for the PCP first 9 months of FY2018 to $(296)k per month in the first 9 months of FY2019, an improvement of 64% on the corresponding period in the prior financial year.
• Cash on hand at 30 March 2019 was $4.2m
Urbanise’s CEO, Saurabh Jain said, “Aligning our cost base with our revenue is a key priority of the Board and management team as we make progress in delivering our shareholders a profitable company. The Company continues to build on its strong market position in the Australian, South African and Middle East regions and is well positioned for future growth. We are pleased to deliver a strong result for the first 9 months, driven by a focused go-to-market strategy and increasing market adoption of our technology solutions.