- Kyckr Limited has reported a solid Q3 FY2021 performance with record revenue generated during the period.
- During the quarter, the Company focused on developing the UBO Verify service for its launch in May 2021.
- At present, the Kyckr business is well-positioned for an expected increase in onboarding activity linked with the uptick in economic activity.
B2B information services company Kyckr Limited (ASX:KYK) has announced an impressive third quarter FY2021 performance with record revenue generated during the three months.
KYK shares were trading at AU$0.059, in line with the previous close, at AEST 12:35 PM. Among Kyckr’s peers, Vortiv Limited (ASX:VOR) shares were trading 3.571% higher, while CPT Global Limited (ASX:CGO), Mobecom Limited (ASX:MBM) and Comms Group Ltd (ASX:CCG) shares were trading flat on the ASX.
Source: © Ekahardiwito| Megapixl.com
Q3 FY2021 Highlights
Key highlights from the quarter include:
- Despite the ongoing Covid-19 impact on global corporate onboarding activity, the Company reported a record total revenue of AU$645K, up 10% compared to the previous corresponding period (pcp)and up 3% compared to the last quarter.
- March 2021 revenue was the best monthly revenue registered by the Company. It reported a 39% jump compared to pcp at AU$274K.
- Enterprise Annual Recurring Revenue or minimum contract value increased by 13% on the previous quarter. Enterprise revenue was up 22% compared to pcp.
- The Company won 4 new clients during the quarter. With this, the Company entered into new markets ahead of the traditional banking and payments sectors.
- Web-based revenue for an individual client got impacted due to COVID-19. The revenue from the March quarter is now accounting for 6% of total quarterly revenue.
Due to COVID-19, the Company made a deliberate decision to lessen the stress on non-enterprise online activities and focus more on the more profitable annual recurring revenue opportunities in the enterprise segment.
During the quarter, the Company's primary focus was to complete the development of the UBO Verify service for its launch in May 2021. The initial coverage is led by current UBO data availability along with indicative client/prospect demand.
INTERESTING READ: Why are Kyckr (ASX:KYK) shares flying high today?
Cash Flow Highlights
- The Company believes that the adoption of automated technology-driven solutions to handle regulatory compliance, verification, and monitoring would grow constantly.
- KYK would promote its product offerings in major jurisdictions as the adoption of KYC technology increases.
- The business is well-positioned for the expected increase in onboarding activity linked with the uptick in economic activity. It would follow with ease in the international lockdown restrictions.