Melbourne, Australia, 31 October 2022: AD1 Holdings Limited (‘AD1’, the ‘Company’ or the ‘Group’) (ASX: AD1), a technology company with a growing portfolio of market-leading software businesses, today releases its business update and Appendix 4C for the quarter ended 30 September 2022 (Q1 FY23).
Key highlights
-- Cash receipts of $1.46 million for the quarter, 25% lower than the prior corresponding period (pcp) of Q1 FY22 due to delays in customer payments (had overdue debtors been collected within terms cash receipts for quarter would have been up 16% on pcp)
-- Revenue for the quarter increased 11% compared to Q1 FY22
-- Subsequent to the end of the quarter AD1 received $1.8 million from research and development tax incentive grants and $0.5 in debtor receipts
-- Added 9 new customers across the Group during Q1 FY23
-- AoM (Art of Mentoring) signed first North American contract with leading American multinational technology company Intel, and has a strong pipeline anticipated to convert over the course of FY23
-- AoM signed contracts with key Australian customers including the Australian Diabetes Educators Association (ADEA) and an Australian government body
-- Strong performance for ApplyDirect with revenue growth of 50% on pcp and a contract win with one of the largest GDP contributing industries in Victoria for an initial two-year term
-- Jobtale product successfully launched during the quarter with 79 customers signed up, and has been shortlisted as a finalist for the Australian Talent Conference
-- Steady organic growth in Utility Software Services (USS) division with revenue growth of 13% compared to Q1 FY22
-- AoM CEO and Co-Founder Alex Richardson relocated to Austin, Texas in August to accelerate growth of the AoM’s North American business
-- AD1 announced the acquisition of Scout Talent Group, a market leader in talent acquisition software with a proven and resilient ecosystem solving the challenge of talent acquisition for midsized companies, and the transaction is expected to be completed in December 2022
-- Post transaction, AD1 is expected to generate FY23 pro-forma revenue of over $30 million with approximately 30% derived from North America and be cash flow and EBITDA positive
For more information, download the attached PDF.
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