If “rein in receivables” and a logo featuring stag horns wasn’t enough to lasso investors, the mere news that IODM (ASX:IOD) going big in the UK was.

The stock opened up 18 per cent and kept climbing, rising 27 per cent by late morning to 7c after the company said it was spitting in the face of Brexit and moving into Old Blighty.


“IODM have had numerous clients request that we provide their overseas operations with the same service they receive in Australia,” the company said.

It was moved by the requests to set up in London, from where it’ll also eye-off western Europe, and then copy the format in Hong Kong and “Asia” in the December quarter this year.

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The company raised $624,883 at 5.1c a share to cover all of these activities.

IODM’s software helps companies chase up late invoices.

The expansion, the 367 per cent share price rise since December last year, and the consistent increase in quarterly cash receipts suggests IODM has turned a corner.

In October last year, when cash receipts hit a nadir of $67,000, investors began speculating the company was headed for a death as a hollowed out shell.

The new CEO, former chairman Mark Reilly, has since dragged these up to $133,000 in the March quarter, although cash in the bank stood at the same figure and the expected cash burn for this quarter was $425,000.

IODM has been contacted for comment.

In other ASX tech news today:

Security company AVA Risk Management (ASX:AVA) led with the good news this morning — FY19 revenue is set to be 160 per cent higher than last year — but sharp eyed investors still found the bad: full year revenue is set to come in lower than the expected $36m-$40m, at $31.5m. AVA is blaming orders coming in during June so they can’t be recognised for the 2019 year. AVA investors were displeased, selling off the stock by 11 per cent to 16c, after being promised big things from last year’s Maxsec-Future Fibre Technologies merger.

And mini, illiquid product designer Inventis (ASX:IVT) is predicting a good year: group revenue is forecast to be up 44 per cent to $11.8m. A loss is still going to come in at $1.54m, however. Inventis has been listed since 1999 and this time last year admitted that its order pipeline was the “lowest in recent history”. So it got in a managing director, a new financial controller, and built a sales team to try to correct. The moves appear to be working as although the losses are piling up, at least Inventis has some money coming in.