K2fly discovers the French are lousy tippers as it says big new customer’s contract is ‘not material’
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Digital consultant K2fly (ASX:K2F) has landed a deal with “one of the world’s largest power companies” — but hasn’t managed to get them to pay very much.
The company said “the contract amount is not material”. In other words the deal isn’t big enough to reveal public numbers.
The Australian company has been subcontracted to consult for Totalmobile on a uranium power project with Electricité de France (EDF).
It is their first consultancy outside Australia, however.
K2fly CEO Brian Miller says the contract is around it mobility software: it will implement the K2Mobile planning and scheduling software.
He told Stockhead the contract started last week and he doesn’t know how long it will last for yet, but the timeline is for “weeks or months”.
It’s the second contract K2fly has announced to the ASX this year, the first being with a land management system for mining services provider Mineral Resources which it said would be worth less than $150,000 a year.
The company sells consulting services and software to organisations to manage “asset data”.
In the six months to December 31, K2fly saw revenue surge by 95 per cent to $1.8 million. Consulting services made up $1.6m of that.
The company reduced its half year loss by 71 per cent to $784,364.
The smaller loss came partly on that back of that large revenue jump, and partly due to the lack of almost $1m in write downs recognised in the same period in 2017 and the cancellation and reversal of performance shares issued to Mr Miller.
K2fly opened flat at 14c.