Melbourne, Australia, 26 April 2023: 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 31 March 2023 (Q3 FY23).
Key highlights
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Current year-to-date (YTD) revenue of $5.0 million, a 12% increase on the prior corresponding period (pcp) of Q3 FY22
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HR Technology segment continued to strengthen, increasing 48% compared to pcp, with Group normalised revenue up 35% on pcp
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Record cash receipts of $2.26 million for the quarter, up 75% from $1.29 million in Q2 FY23, and up 44% from 1.57 million on pcp
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Record recognised revenue for Art of Mentoring (AoM) of $0.8 million for the quarter, a strong increase of 52.8% from $0.52 million on pcp
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AoM achieved invoiced revenue of $0.32 million during March with a 40% contribution from the US market
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12 new customers added across the Group during Q3 FY23
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Over 50% of YTD leads and customer conversions were generated through referrals and upselling existing customers
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The Group debtors totalled $0.27 million for Q3 FY23 compared to $0.94 million for Q2 FY23, representing an improvement of over 70% in cash collections
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Announced a Non-Renounceable Entitlement Offer to raise up to ~$1.0 million to support working capital requirements and fund growth of the AoM business in the US
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Cash position of $0.63 million as at 31 March 2023
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