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AppsVillage (ASX:APV) exceeds December guidance
  • AppsVillage (APV) has exceeded its December quarter guidance with annual and monthly recurring revenues both growing 58 per cent in the quarter
  • Annual recurring revenue reached $1.34 million and monthly recurring revenue reached almost $112,000
  • The company also completed a $2.5 million placement and signed agreements for its newly launched micro-finance services in the quarter
  • The December quarter also saw Shahar Hajdu join the AppsVillage Board as Non-Executive Director
  • AppsVillage's share price is up a healthy 32.7 per cent with shares trading for 32.5 cents apiece

AppsVillage (APV) has exceeded its December quarter guidance with annual and monthly recurring revenues both growing 58 per cent in the quarter.

Annual recurring revenue reached $1.34 million and monthly recurring revenue reached $111,898, with each growing 212 per cent from 2018 to 2019.

From 2018 to 2019 there was a 323 per cent increase in paying businesses, with the total amount reaching 6418 small-to-medium businesses - representing a 57 per cent increase over the quarter.

This represents a significant achievement for AppsVillage and demonstrates its ability to deliver on its core growth strategy.

In quarter four AppsVillage completed a $2.5 million private placement through the issue of 10 million fully paid ordinary shares.

Merchant Corporate Advisory acted as lead manager to the transaction and AppsVillage will use the funds to continue its operational expansion into the U.S. and execute an aggressive customer acquisition strategy to deliver strong commercial growth in the coming quarters.

The company also signed agreements for its newly launched micro-finance services with Seek Capital and Fundomate in the U.S. and Lumi in Australia.

As part of this offering AppsVillage will offer one-click credit and loans between $5000 and $50,000 to existing customers before it is rolled out more widely.

During the quarter, Shahar Hajdu joined the AppsVillage Board as Non-Executive Director.

Prior to joining the company Shahar was a captain in the IDF elite technology unit and ha brings more than 25 years' experience in mobile and full stack software development.

AppsVillage's share price is up a healthy 32.7 per cent with shares trading for 32.5 cents apiece at 2:16 pm AEDT.


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