Velpic Ltd (ASX:VPC) has had a strong quarter of revenue growth across its learning management system (LMS).
Invoiced recurring revenue was up 88% vs the March 2017 quarter and the number of the lessons completed on the platform was up 233% vs the March 2017 quarter.
Furthermore, the company recently secured its first client under its reseller agreement related to the NowForce platform.
READ: Velpic secures first client from NowForce partnership in ASX-listed Threat Protect
Velpic’s CEO Russell Francis said: “The March 2018 quarter has been Velpic’s strongest yet.
“Our sales strategy continues to gather momentum and deliver results.
“We are signing up newer and bigger clients to our LMS, we’ve signed our first NowForce client, and revenues are rapidly increasing.
“Importantly, our revenues are from contracted clients, giving us forward visibility on our growth trajectory.
“We are excited by the opportunities we see ahead, and I look forward to updating the market on further sales success and growth.”
Contract revenue surpasses $200,000 for the quarter
Contracted revenue for the March 2018 quarter was up 88% to $204,000, compared to the March 2017 quarter.
The increase was driven by notable new client wins across the business as the company’s sales strategy continues its momentum.
13,669 lessons completed
Velpic’s LMS platform allows companies to create their own training lessons and distribute them to staff and contractors.
February 2018 was a record month for the company in relation to the number of Velpic lessons completed by clients with 13,669 lessons completed, up 393% compared to February 2017.
66% increase in annualised committed monthly revenue
There was also a 66% increase in annualised committed monthly revenue (ACMR) vs the March 2017 quarter.
ACMR refers to contracted recurring monthly revenues on an annualised basis.