On 9 October 2018, Kyckr Limited (ASX: KYK) released its market update and information for the quarter ended 30 September 2018. Following the release of this news, the company’s share witnessed an intraday increase of 11 cents as on 9 October 2018.
For the September quarter, the company earned a revenue of $0.55 million which is an increase of 61 percent on the September quarter in FY 2017. The company’s online services are delivering consistent revenue growth, with online pre-paid revenue for the quarter which is 87 percent higher than the same quarter of FY 2017, and post-billed services up 85 percent from the same quarter in the prior year. The online services of the company provide aggregated access to corporate registry information, including company profiles and access to corporate filings with registries from over 200 sources globally. The company is expecting that the strong growth will continue in FY 2019 with the re-launch of Kyckr’s website, the launch of new solutions and an increase in sales and marketing investment planned. The company was having cash receipts of $0.49 million at the end of September quarter which is less than the company’s earlier forecast. The company was having a cash of $4.8 million at the end of 30 September 2018.
The company has appointed additional resources to its team to support growth plans in global primary source intelligence. A new Business Analyst and Data Scientist joined the Development team who will work under the guidance of David Reid, Kyckr’s Chief Technology Officer. The new resources will work closely with key departments and clients, helping to interpret objectives into data-based deliverables and solutions. The new resources will play an important role in optimizing the delivery of its technology to their respective clients.
At the beginning of this year, the company started the process of redesigning its website to provide an improved version and to grow its brand presence across the market.
The new website will contain an all-new design centered around client needs and behaviors which will help users to navigate the global registry access quickly and easily. Improved functionality will allow users and teams to manage their compliance obligations with more confidence than ever before. The new website will also include comprehensive information and content for customers, investors, prospects and partners to better understand Kyckr’s global positioning in the KYC/AML space.
The company has successfully completed the Placement to the institution and sophisticated investors to raise A$5 million after costs and the second tranche of the Placement was completed in August 2018 after the Extraordinary General (EGM) Meeting, which resulted in the net proceeds of A$1.3 million (after costs). The company is planning to use the proceeds towards additional resources and the continued investment of Kyckr’s products which includes the development of Machine Learning and Artificial Intelligence applications.
The company will continue to prioritize delivering innovative technology and solutions to the customers, in support of ever-increasing KYC/AML obligations. Moreover, the company continues to commercialize its relationships with key customers, with an extension to a key European customer contract occurring during the September quarter.
KYK’s share traded at $0.105 with a market capitalization of circa $15.85 million as on 10 October 2018 (AEST 3:20 PM).
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