AUS
NZ
UK
CA
USA
IND
Provider of innovative software solutions, 8common Limited (ASX:8CO) made an announcement today (24 January 2019) stating that its division Expense8 has strengthened its position as a leading Travel and Expense Management platform as it expands its client base. Following this news, the share price of the company soared by 3.448 percent on 24 January 2019.
Expense8 Travel Module has gained traction within the Australian Federal Government. The Department of the Senate, Department of Finance and Federal Courts of Australia have all gone live with the Expense8 Travel Module. Federal Government agencies, New South Wales Department of Industry were the first to implement expense8 Travel in September 2018. The Department of the Prime Minister & Cabinet, the Treasury, and the Australian Communication and Media Authority are also using expense8 Travel module.Â
Recently on 22 January 2019, the company informed that the New South Wales Department of Education (DoE) has taken up the first option for the extension of its contract with Expense8 after a successful initial 3-year contract term. The initial agreement had a contract period of 3 years with provisions for a 2-year extension exercised annually.
As per the company's announcement, through expense8 Corporate Travel moduleâs unique Pre-Trip approval function, the employees can easily plan and book their corporate travel. As per the companyâs Executive Chairman of 8common Nic Lim, the companyâs management expects the pace of adoption for the companyâs Travel platform to continue to accelerate across both Federal and State Government clients. He further informed that the company is delivering the industry standard platform for large enterprises.
In FY 2018, the company reported revenue from continuing operations of $2.638 million and revenue including discontinued operations of $3.856 million. The revenues from continuing operations were 28% higher than the previous year. Further in FY 2018, the company reported cash receipts from operations of $4.190 million (FY17: $4.0 million) and an EBITDA loss of continuing operations of $0.40 million. At the end of FY 2018, the company had Cash at Bank of $533,594. In the first quarter of FY 2019, 8CO reported the cash receipts of $738K which represents a year on year growth of 11 percent. The cash receipts were 31 percent higher than the previous quarter.
In Q1 FY 2019, the companyâs revenue grew by 21% as compared to the previous corresponding period. The companyâs SaaS segment drove the Revenue growth of the company.
The share price of the company in the last 6 months saw a decrease by 42 percent as on 21 January 2019. 8COâs shares closed the dayâs session at A$0.030 with a market capitalization circa $4.23 million on 24 December 2018.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
