Achievements during this period
- The company successfully listed on the Australian Securities Exchange in November, 2016. The company raised $7.3 million as part of the initial public offer (IPO).
- The funds under management of the DomaCom Fund, from which the company derives investment management fees increased by 65% during the last 6 months from $13.7 million as at 30 June 2016 to $22.6 million as at 31 December, 2016.
- The company received a $1.3 million government grant (as anticipated) during the last quarter in accordance with its Research and Development claim for the year ended 30 June 2016. The company expects to continue to receive government grants from its Research and Development activities involved in the development of its Fractional Investment Platform.
- The company completed a restructure of the proposed cost base of the company in line with the revised Supplementary Prospectuses issued prior to our listing in November 2016. The proposed cost base was reduced by $1.7 million annually from the original plans.
- The operating result of the Group for the half-year ended 31 December 2016 was a loss of $3.4 million compared to a loss of $2.6 million in the corresponding period ended 31 December 2015. The increased loss arose through one off costs related to the IPO and redundancy costs.
- The DomaCom Fund received an “Approved” investment rating from one of Australia’s most awarded research houses, Lonsec. This Lonsec rating is expected to be a major driver of growth in Approved Product Listings over the 2017/2018 years.
- DomaCom announced a distribution agreement with SuperConcepts, whereby the DomaCom product becomes the Property option within SuperConcepts iSaver product– this is a major component of our strategy to grow our Funds under Management in 2017/2018.
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