AppsVillage smashes guidance as quarterly revenue surges 250pc
Special Report: Software-as-a-service (SaaS) company AppsVillage has delivered another swathe of record results, despite global disruptions caused by the coronavirus pandemic.
AppsVillage Australia (ASX: APV) has beaten revenue guidance for the March quarter, revealing a suite of positive financials in the face of the COVID-19 pandemic.
The SaaS solutions provider for small and medium businesses (SMBs) saw monthly and annual recurring revenue grow by 250 per cent, compared to the prior corresponding period, and by 36 per cent compared to the previous quarter.
Monthly recurring revenues were $151, 172 and annual recurring revenues were $1,821,024.
It’s not the first time the company has smashed guidance: it tore through its previous record revenue growth rates in the December quarter as well.
AppsVillage CEO and founder Max Bluvband says to be able to deliver results as good as these during a time of global fear, proves the company’s model.
“The COVID-19 outbreak is having an unprecedented impact globally. These are trying times for all humanity and particularly for small businesses,” he said.
“Our platform is proving to be essential to SMBs’ continuous operation and sustainability, and our financial results reflect that.”
In a milestone achievement, AppsVillage also generated invoiced revenues of $440,000, up 80 per cent compared to the March quarter in 2019 and a 22 per cent increase on the previous quarter.
The company also delivered 7000 paying SMBs during the quarter, a 245 per cent increase compared to the prior corresponding period and a 20 per cent increase on the previous quarter.
These record results were delivered following the implementation of an aggressive and targeted strategy to scale and acquire new customers in high margin geographies such as the USA, Australia and the United Kingdom.
These results have been delivered with a 60 per cent decrease in marketing spend due to the outbreak of COVID-19.
AppsVillage says it demonstrates the company’s ability to deliver strong and continuous organic customer and revenue growth in the current uncertain environment.
The company says it remains confident in its ability to continue to deliver financial and operational growth throughout this year, and as a result has increased projected annual recurring revenues to $4.5m by the end of 2020.