Skyfii’s Shares Uplifted on ASX after Announcing Q2 FY19 Results

technology

Skyfii Ltd (ASX: SKF) is into the business of provision of services in the verticals of data and technology typically which captures, analyses and visualises customer behaviour data & provides meaningful conclusion based on the data analytics to provide retailers with actionable insights.

The company has declared its Q2 FY19 update in which it has stated that the company was able to scale up the Total registered user base up 13.1% on previous quarter reaching 23.9 million

unique users representing growth of 82% when compared to Q2 FY2018. During the period it also had Significant new contract wins during and post-quarter in the Australian, European and Brazilian markets. The firm had also Introduced people counting services across several contracts, proving to be a multi-data source analytics platform. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

The company made significant managerial changes during the Quarter, which involved the appointment of the Mr Andrew Johnson for the role of Chairman of the Board of Directors, having been a Non-Executive Director of Skyfii since its listing in late 2014. Andrew brings extensive experience in the technology and telecommunications industry, both in Australia and internationally. Mr Andrew has previously held senior executive roles at Computer Sciences Corporation and Telstra. Currently, he is also the Managing Partner of the Delta Systems International and Chairman of Kumul Telikom Holdings (PNG).

The company derives its recurring revenues from the ongoing subscription fees for access to Skyfii’s SaaS ‘IO’ platform. The firm garners its service revenues from the payment of projects undertaken by both DCS and MS divisions, including revenues generated from customers of the Causely (US) business. Revenues generated from services are received as either recurring or fixed fee projects. The non -recurring revenues are made from the deployment of hardware and infrastructure, implementations and upfront setup fees, which underpin recurring revenues.

As regards the quarterly results being presented, the company has registered a Total Operating Revenues for Q2 FY2019 were $2.4 million, up 7% on the previous quarter. The Recurring Revenues for Q2 FY2019 were $1.2m, up 10% on the last quarter (up 37% compared to Q1 FY2018). Moreover, the Services Revenues (DCS & MS) in Q2 FY2019 of $608k, down 9% on the previous quarter.

On the front of liquidity, the Company maintained a cash position of $1.44m, up from $1.1m at the end of the previous quarter (30 September2018). As per the management, The Company does not require any further capital raising to support daily operations. For FY 2019, the company will continue to focus on achieving a positive full year EBITDA and the company is also planning to invest in its operating model to support growth.

In the past six months, the share price of the company decreased by 16.67% as on 6 February 2019.

SKF’s shares traded at $0.155(+ 3.333% intraday) with a market capitalisation of ~$46.82 Million as on 7 February 2019. The counter opened the day at $0.155, which was also the day’s high, with a day’s volume of 200,000


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