- In the past six months Simble has signed deals totalling up to $7 million in contracted revenue
- Net cash used in operating activities has dropped to $0.15 million
- Successful completion of a $1.89 million placement to provide working capital and accelerate its growth and expansion strategy in the UK
- Ben Loiterton has been appointed independent non-executive director, effective immediately, replacing David Astill who is pursuing other business ventures
In the past six months Simble Solutions has signed deals totalling up to $7 million in contracted revenue.
This, amongst other highlights, was reported on for the June 2019 quarterly report.
Other highlights include the shrinkage to $0.15 million, 86 per cent improvement, of net cash used in operating activities compared to Q2 FY18.
“Net cash used from operating activities shrunk to $0.15 million, the lowest level since our IPO and an 86 per cent improvement compared to twelve months ago,” Simble CEO Fadi Geha said.
Another highlight includes the successful completion of the $1.89 million placement to professional and sophisticated investors to provide further working capital and accelerate Simble’s growth and expansion strategy in the UK.
“Moving forward, we will further strengthen our UK presence as our solutions continue to resonate with the utility and energy brokers in those markets,” Fadi added.
This recent announcement outlined that Simble executed an updated agreement with UK energy broker UCR Consultants, in partnership with BidEnergy, to deliver recurring cashflow in upcoming quarters.
The initial contract is priced for up to 10,000 metres to be connected to the Simble Energy Platform, with the potential to move 60,000 metres in the short-medium term timeframe.
The Simble Energy Platform is an integrated software and hardware solution bundle to enable businesses to reduce their energy consumption. It provides detailed measurement, reporting and verification of energy efficiency initiatives.
UCR was then appointed as non-exclusive distributor of the combined solution, which targets a broader UK energy market. UCR’s imminent distribution network includes 250,000 metres and a market opportunity estimated to be work approximately $27 million.
A five year SaaS, Software as a service, contract was awarded to Powercor and Simble to provide energy efficiency services to RATP Dev London, the leading bus operator in London.
This contract will deploy Simble’s Energy Platform to 13 RATP Dev London operational garages and maintenance depots. The aim of this is to reduce energy consumption and carbon emissions.
Deployment has already begun with revenue expected to roll-in in Q3.
Mr Ben Loiterton was also appointed as independent non-executive director effective immediately.
His career spans over 28 years in investment banking, executive management and entrepreneurial activity. He is very experienced in the role as a public company director having served on three ASX company boards.
Ben has succeeded David Astill who retired from the Board to pursue other business ventures.
Simble shares are slightly up following the release of this report, trading for 5.5 cents with a market cap of $5.575 million.