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amaysim Australia Limited (ASX:AYS) sky-rocketed on the day of its 2018 Annual General Meeting. It has jumped as high as 12.195% to last trade at $1.150 on 26 October 2018. The investors were seemed to be bullish to record revenue underpinned by launch of amaysim energy and growth across mobile segment.
In Financial year 2018 the company has flagged record revenue of $577.6 million, representing 77% improvement on $326.7 million in the previous year. At around 54% of statutory net revenue amounting to $310.0 million was contributed from energy segment, launched in November 2018. Statutory EBITDA was $37.6 million compared with $33.8 million in the previous year, an increase of 11% driven by new product launches and enhancement in mobile product suite. Â
Amaysimâs Chief Executive Officer Peter Oâ Connell stated amaysim is an Australiaâs fourth largest mobile service provider, with over 1.16 million subscribers.
In the voting round at AGM, around 35% of shareholders voted against the issuance of performance rights to CEO Peter Oâ Connell. Also, the substantial number of shareholders have shown disapproval to the remuneration report and amaysimâs remuneration report while the resolution on re-election of Ms Maria Martin as Director was passed with almost full majority.
During FY18 the company has launched âJust What you Needâ marketing campaign which has drawn customerâs attention to the company. The brand awareness almost just doubled leading to significant growth in customers. The strategic broadening of amaysimâs mobile product portfolio enabled the business to grow subscribers by 7.9% to 1.158 million subscribers as at 30 June 2018.
As previously announced in FY18, the company has ceased its multi-brand devices sales in the first half of FY19 as it focuses to build relationship with locally distributed major brands. It has also discontinued its device online shop and sale of broadband business.
At the conclusion of Annual General Meeting Non-Executive Director Ms Maria Martin announced her intention to retire from the role of amaysimâs non-executive director.
She joined the Board in the capacity of independent non-executive just prior to companyâs listing on Australian Securities Exchange in the year 2015. Since then she has also been leading the Companyâs Audit and Risk Management Committee as a Chair.
While announcing changes in Board compositions, the company has introduced new Non-Executive Director, Goetz Maeuser in the place of Mr. Rolf Hansen.
Mr. Maeuser is the Chairman of Max 21 AG since July 2015. Prior to joining Max 21, a post and mail management and IT security company, Mr. Maeuser has held executive level roles at several companies including, McKinsey & Co., ProSiebenSat.1 Media AG and McKinsey & Co. He has taken education in Business Administration from the University of Cologne and holds a Master of Business Administration from Leonard N. Stern School of Business, New York University.
Going forward, the company intends to launch new product range within its mobile portfolio. In To push this strategy the company has posted higher value $30 / $40 / $50 UNLIMITED mobile plans in September 2018. For the remaining Financial year 2019 the company plans to explore opportunities in eSIM and Internet of Things (IOT).
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