Gooroo Ventures Witnesses A 500% Rise In Customer Revenues Segment in 1HFY19

Gooroo Ventures Limited (ASX:GOO) operates as an HR technology company. The Company designs, produces and manages an online hiring platform. Gooroo Ventures serves customers throughout Australia.

The company has recently announced its 1H FY19 results for the period ended 31 December 2018. As per the release, the loss for the Group after providing for income tax amounted to $934,079. The company’s primary achievements in the first half of the financial year 2019 have been the substantial growth in its revenues quarter on quarter. There was a progressive increase in customer revenue across the first half of the fiscal year to reach at $421,748 which represents an almost 500% increase in revenues compared to the same period last financial year.

There were no dividends paid, recommended or declared during the current or previous financial half-year by the Board of Directors.

The company had launched Gooroo Marketing Solutions, an analytical engine that processes large consumer datasets and delivers meaningful conclusions about how people make decisions, at scale. It targets marketers, creative and media agencies, data and consultancies to inform strategy, media, creative execution, and personalization. Gooroo Marketing Solutions divisions leverage the company’s ColourGrid™ intellectual property, demonstrating the scalability of Gooroo’s science and technology to new markets. The company also launched its Gooroo Career Solutions, a SaaS-based technology platform for students, workers, training organizations and career advisors. This technology evaluates individuals to build personalized career paths; matched to training courses and jobs. The solution supports all job categories and regions.

The company also entered into a partnership with PeoplePlus to deliver improved outcomes for Australian Government job active program. Over the initial 6-month period, a minimum of 200 long-term unemployed job seekers will be assessed by Gooroo Career SaaS-based technology.

The financial report of the company has been prepared on the basis of a going concern. The interim financial report showed that the Group incurred a net loss of $934,079 and a net cash outflow from operating and investing activities of $1,017,206 during the reporting period. The Group's ability to continue as a going concern is contingent upon generation of cash flow from its business and/or successfully raising additional capital. If sufficient cash flow is not generated and/or additional capital funds are not raised, the going concern basis may not be appropriate, with the result that the Group may have to realise its assets and extinguish its liabilities, other than in the ordinary course of business and at amounts different from those stated in the financial report. The company has not made any such allowance for these circumstances in this financial report.

Now, let’s have a glance at Gooroo Ventures Limited’s stock performance and the return it has posted over the past few months. The stock last traded at a price of $0.042, flat during the day’s trade with a market capitalization of ~$ 4.27 Mn. The stock has provided a negative YTD return of 12.50 % & also posted returns of -45.84%, -28.97% & -16.0 over the past six months, three & one-months period respectively. It had a 52-week high price of $ 0.116, with an average volume of ~ 58,352.

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