On 31 January 2019, Vonex Limited (ASX: VN8), a company which belongs to telecommunication services sector and is into the business of providing innovative VOIP solutions through its software development, announced its quarterly updates for the period ended 31 December 2018.
By the end of December quarter 2018, the company has reported a fall in the number of complaints which is an indication of strong customer satisfaction during the period. The monthly billing was above $740,000 in Q2 FY2019. VN8 launched Vonex Phone software for iOS, Android, Windows, and Mac. The software has helped in increasing the number of registered PBX users during the period.
During March 2019, the company has planned to release its Oper8tor Conferencing mobile app. The company also reported growth in the Channel partnerships where till date 38 new channel partners are added since the commencement of FY2019. The company also expects that the channel partners will reach 100 by the end of 30 June 2019.
VN8 will also be offering a discounted telco services to its shareholders in early 2019.
By the end of December quarter which ended on 31 December 2018, the company was successful in achieving $2.16 million in the form of unaudited revenue which represents a 7.5% growth year-on-year basis.
There was net cash outflow of A$0.319 million from the operating activities of the company. Here, the significant cash inflow was in the form of receipts from the customers. However, the company made payments in the form of costs of goods sold, advertising and marketing, leased assets, staff costs as well as the administration and corporate costs.
The company made payments to acquire property, plant, and equipment during the Q2 FY2019. As a result, the net cash outflow through the investing activities was A$0.078 million.
By the end of the Q2 FY2019, the net cash and cash equivalent with VN8 was A$3.837 million.
On 29 January 2019, VN8 announced that it has successfully achieved 26,000 registered active Private Branch Exchange (PBX) users as at 25 January 2019. The key indicator of VN8’s business development progress was the growth in cloud-based PBX registrations. The other reason which led to the business development progress was the entry of the company into the multibillion-dollar Australian market for the telco services to small and medium enterprises.
The 12 months report from the company stated that there was a growth in the PBX userbase by approximately 22%. The increase in the customer and user was driven by the constant rollout of NBN in the metropolitan areas.
Through these channel partners, VN8 will be receiving support in accelerating the growth in its business by selling the proprietary technologies which include the cloud-based PBX and Vonex-branded traditional mobile, internet and business phone systems. There is also a monthly increase in the number of registered PBX users to 500 members.
During the past six months, the stock has generated a negative performance of 41.48%. However, the stock has provided a negative YTD return of 10.23%.
The shares of VN8 traded last on 30 January 2019, where the closing price of the stock was A$0.079 with the market capitalization of A$11.76 million and 148.89 million outstanding shares.
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