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Information Technology company, ShareRoot limited (ASX:SRO) announced that an audit of the companyâs strategy and proprietary technologies is well underway and is anticipated to be finalized by the end of the month.
The Chairman of the board, Mr Harvey Kaplan stated that considering the recent change in operational and strategic leadership it was appropriate that the Board undertook a thorough review of the companyâs progress till date and the current and prospective value of the assets. The Board plans to communicate with shareholders the results of its review, which would inform the forward strategy for ShareRoot, as soon as practicable.Â
On 19 November 2018, SRO announced that it had added three additional international brands to be part of MediaConsentâs Pilot program as interest in the platform continued to grow, which brought the total number of pilot brands above half of MediaConsentâs Pilot goal. The three additional pilot brands would be utilizing a variety of MediaConsentâs features to identify the perfect fit for their respective brand while giving the Group additional product feedback. Â Each of the pilot brands was avoiding the potential of millions of dollars in legal costs by using MediaConsent to remain compliant under the new consumer data and privacy laws. Of the three new pilot brands, two were existing ShareRoot clients, while the third was a new brand from an existing agency partner. With the three additional pilots, MediaConsent extended its industry reach to include the media and retail industries.
On 28 September 2018, SRO published its annual report ending 30 June 2018. In Financial Year 2018, ShareRoot made considerable progress strengthening and diversifying the companyâs operations and setting a strong platform for continued growth and a transformational 2019. Their objective was very clear that the positioning of the Company as an early-mover could capitalise on the consumer data and privacy market, which is expected to be a US$14.51 billion market by 2021. Considerable progress had been made during the year with multiple milestones delivered.
SRO concluded the acquisition of The Social Science on 9 April 2018 and the management team concentrated on its integration into ShareRoot, applying business efficiencies and a foundation for additional growth. The Group completed the development roadmap for its User Generated Content Platform at the beginning of May 2018.
Underpinning all milestones was ShareRootâs improving financial performance and user growth. Total booked revenue was well above A$1m, for the year, while receipts from customers were up 350% annually to A$450,000 driven by a very solid final June quarter. UGC user numbers continued to grow and exceeded 668,000 users as of 30 June 2018. The company expected both revenue and user growth to reflect in continuation to track up in the first quarter of FY2019.
Revenue for the financial year reached $390,956 which represented over a 100% growth from the previous financial year. The overall loss for the consolidated entity after providing for income tax amounted to $3,035,627 (30 June 2017: $3,228,403).
At the end of the trading session (as at 15 February 2019) the stock of the company closed flat at A$0.002. The company has a market capitalization of circa A$3.14 million with 1.57 billion shares outstanding. Its 52-week high was noted at A$0.008 and low at A$0.001.
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