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MGM Wireless Announces FY 2020 Full Year Results

Leading Australian software technology company MGM Wireless Limited (ASX:MWR) (“MGM” or “the Company”) is pleased to announce FY 2020 Full Year Results on an unaudited basis.

CEO and co-founder, Mark Fortunatow, commented: “MGM Wireless closed FY20 with growth in all revenue lines resulting in total revenue growth of 47% pcp to $10.5m. In March 2020, due to COVID-19 related closedowns, a decrease in SPACETALK device sales was experienced, and as restrictions were eased, by June a sharp improvement to pre COVID-19 January levels was achieved. Our monthly subscription based AllMyTribe App performed strongly throughout FY2020, growing ARR by 89% pcp to $1.5m, with 3-year CAGR 398%. The MGM SaaS School Communication business grew 25% pcp to $2.7m.

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