RightCrowd (ASX:RCW) records 32% growth in FY21 sales revenue

Highlights

  • RightCrowd Limited (ASX:RCW) shared the release of its FY21 results, annual report, along with the investor presentation.
  • The FY21 results portray that the Company has delivered a powerful financial performance by increasing its total sales revenue by 32%.
  • The stock closed at AU$0.320 per share today.

On Friday, ASX-listed Software development Company RightCrowd Limited (ASX:RCW) announced the release of its FY21 results, annual report, along with the investor presentation. The FY21 results portray that the Company has delivered a powerful financial performance by increasing its total sales revenue by 32%.

The FY21 results indicate:

  • FY21 sales revenue was AU$15.2 million for the period (32% growth on FY20).
  • Total income grew 20% YoY to AU$19.4 million against AU$16.2 million in the previous year.
  • Annual Recurring Revenues (ARR) increased by 103% to AU$8.1 million as at the end of FY21.
  • The Company witnessed a growth of 101% in its customers for the period 30 June 2021. This was driven by solid demand for RightCrowd’s presence control solutions during the period and included two new enterprise sales for workforce management solutions to Fortune 500 companies.
  • FY21 net loss reduced by 31% to AU$4.7 million compared to AU$6.8 million loss reported in FY20.
  • Cash and cash equivalents increased by 571% to AU$9.9 million at the close of FY21.
  • Total expenses were $24.1m growing by 5% on prior year (FY20: $23.0 million).
  • Total inventory rose by 778% at AU$1.0million, while the Company also made prepayments for future inventory, amounting to AU$1.5million. Overall borrowings, excluding leases, were reduced by 55% at AU$0.5 million compared to AU$1.1 million in FY20.

The announcement revealed that no dividends have been paid or proposed by the Company during or since the end of the financial year.

Bottom Line:

The FY21 results demonstrate that the Company continues to build a strong market position and generate strong revenue growth as it tracks towards profitability. Moreover, new customers were added to the Company on account of a highly effective marketing campaign for social distancing and contact tracing, generating presence control solution sales.

The Company expects substantial customer acquisition to continue during FY22, combined with existing customers extending the solution across their organisations.

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