AppsVillage picks up steam as revenue growth soars, shares hit record high
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Special Report: The December quarter has been a watershed moment for the company, as it executes on key growth metrics and builds out distribution strategies in new markets.
If recent updates are anything to go by, AppsVillage (ASX:APV) is proving to be one of the tech success stories so far this year on the ASX.
The SaaS platform – who’s core service allows clients to set up an app for their business in minutes – is on track to hit a number of key operational milestones in Q4.
For starters, customer numbers for its app service broke through the 5,000 mark for the first time. And in line with that growth, APV said recurring revenue from subscribers is now forecast to rise by more than 40 per cent in the quarter.
That would cement growth of 36 per cent in Q3, resulting in annual top-line growth of more than 200 per cent for the 2019 calendar year.
Investors have responded to the recent momentum, with the stock more than doubling since late October to hit a record-high of 27 cents.
And those numbers are a by-product of the company’s execution around operational targets in the second half of the year.
In late September, APV announced an expansion into new emerging markets including India, Malaysia and the Phillipines, fast-tracking distribution via its partnership with global tech giant Facebook.
And in October the company signed two new deals with US-based lending platforms – Seek Capital and Fundomate – part of a strategy to build out its product offering to including SME loan services to its 5,000 strong customer base.
To neatly sum up its recent momentum, AppsVillage said the growth is reflective of strong execution of its “strategic and commercial operational expansion, to deliver revenue growth and become a leading growth solutions provider”.