Melbourne, Australia, 31 January 2022: AD1 Holdings Limited (ASX: AD1) (AD1 or the Company) today released its business update and Appendix 4C for the quarter ended 31 December 2021 (Q2FY22).
Key highlights & business update:
-- During the quarter, AD1 added 21 new customers across all divisions, progressed US channel partner discussions and continued to focus on building a bigger pipeline of new customers, while securing its growth strategy with a new funding facility
-- Cash receipts for Q2FY22 were $1.84 million, representing an increase of 32% compared to Q2FY21 and consistent with cash receipts from Q1FY22 on a normalised basis
-- Another record quarter for growth from the Art of Mentoring (AOM) business with an increase in revenue of 18.6% compared to Q1FY22 and of 42.5% compared to Q2FY21
-- ApplyDirect observed an increase of 14.7% in quarterly revenue compared to Q1FY22, derived from project work with existing and new customers. The SaaS product is continuing to iterate and develop with a pipeline of customers building
-- Utilities division continued to observe steady organic growth, representing a 27% increase compared to Q2FY21. New opportunities in the pipeline are progressing through later stages
-- In December 2022, the Group secured $5 million in funding from PURE Asset Management (PURE) to execute its immediate and expanding growth strategy
Commenting on the results for Q2FY22 and AD1’s plans for the upcoming quarters, the CEO of AD1, Mr Brendan Kavenagh said: “I am pleased to welcome our new partnership with PURE. We secured the necessary capital to fuel our growth appetite while minimising shareholder dilution. This new facility, on top of the placement supported in October 2021 further strengthened our cash reserve as we continued to pursue our growth strategy. We are excited with the expansion of AOM and into the US market. We continue to progress our discussion with several US channel partners, which will strengthen our base and further secure our strategy to lead with AoM into the US market”
“As set out and communicated to the market in the previous quarterly update, Q2 has observed our team implementing the key priorities and initiatives including developing and executing our customer 1st strategy, staff engagement and retention program and accelerating product development. At the same time, each business unit continued to develop pipelines with new wins and opportunities further progressed during the quarter”
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