As per today’s ASX announcement, Vonex Limited (ASX: VN8) updated the revenue growth and the commercial development of the business. It reported a record monthly billing of more than $740,000. The company had the most active month in terms of sales for the combined Vonex Telco business in November 2018 with a Y-O-Y growth of around 13%.
This revenue growth was driven by the continued rollout of the NBN in metropolitan areas, commencement of online marketing to all states and territories post the initial testing phase and improved business with new and existing channel partners of the company. These customer billings will enhance the company’s cash flow from operations in the forthcoming quarters and are recurring in nature.
The company posted consistent growth in PBX registrations in the cloud-based Private Branch Exchange. The approximate number for the registrations stood out to be around 25,800, 26% increase in percentage terms Y-O-Y. It also aims to achieve the mark of 26,000 early in the new year with its effective marketing program in effect.
PBX registrations are key indicators of the growth and development of Vonex business which it achieved through penetrating the multibillion?dollar Australian market for telco services to small and medium enterprises.
The company continues its focus on exceptional service and customer satisfaction. It maintains extremely high standards in its delivery of customer service and support. The company keeps an eye on the performance of key areas with adequate training to maintain customer satisfaction and lead among its peers. The company complies with all the rules & regulations of Australian Communications and Media Authority as per its July 2018 laws.
Vonex continues its development by expanding and improving its channel partner programmes which will increase the acquisition of customers. It has already added 30 new channel partners in FY 2019 to date and remains on track to add 100 more in the full financial year. The channel partners enhance the business of the company by selling company’s proprietary technologies, and other products including PBX, a traditional mobile phone of Vonex and several internet & business phone plans.
The company is about to release and launch its new mobile app ‘Oper8tor’. The application will soon be available for download from both the Google Play Store and Apple App Store.
The company made an expansion in its business development team, with a newly appointed Business Development Manager for improved sales growth, driven by various market campaigns.
Stock performance: The last traded price of the stock is $0.075 (as at December 20, 2018, 3:40 PM AEST), with a market capitalization of 11.07 million. The stock had produced a yield of (58.33%) over the past six months and a negative return of 37.50% over the period of last three months.