logo-loader
Vault Intelligence Ltd

Vault Intelligence achieves record revenue with cloud-based management systems

The company has achieved strong sales on the back of its risk and safety management software systems.

Vault online software in the cloud image
Vault Intelligence listed on the ASX in 2016

Vault Intelligence Ltd (ASX:VLT) has achieved record quarterly cash receipts and contracted annualised recurring revenue (CARR) for its online software-as-a-service business specialising in solutions in the risk, environment, health and safety sector.

The company’s cloud-based systems provide clients with cost savings and the availability of real-time information to monitor, maintain and improve their businesses.

Vault delivers its enterprise-level software and mobile solutions to more than 1 million people across 30 industries.

 

Following an upgrade to its flagship V3 product earlier this year, Vault has seen impressive growth across its business as it focuses on enhancing scalability and reach of its product suite.

It ended the quarter with equivalent funds of $3 million in cash and receivables and is well positioned financially to continue business growth and development.

The company will look to expand its product suite into China and South East Asian markets, as well as drive growth and sales penetration through major partners, distributors and telecommunication networks.

Record results in FY18

Vault delivered record results in cash receipts and CARR during the final quarter of financial year 2018.

Cash receipts for the quarter exceeded $1 million for the first time, which resulted in an annual total of $3.75 million.

The second half of the financial year saw a 24% increase in cash receipts on the first half results.

Vault met its forecast $4 million CARR for the 12 months, despite being impeded with a delay in the upgrade of its enterprise platform to the new V3 iteration.

READ: Vault Intelligence wins contract with Compass Group to develop food safety systems

In the June quarter, CARR hit $512,000, a 14% increase on the previous quarter, which also delivered a record high.

CARR is defined as the annualised recurring revenue of all active software subscription services being delivered by Vault, plus any subscriptions that have been contracted but are yet to commence.

Total CARR for the year was $4.05 million, representing a 76% year-on-year growth rate.

New CARR for the year rose 108%, totalling $1.75 million compared to the previous year’s $841,000.

The $804,000 loss from operations for the quarter was mainly attributable to product development and sales spend together with several large annual lump sum payments.

Gov’t grant offsets R&D expenditure

Vault is both committed and on track to bringing the business to a cash positive position during the 2019 financial year, as focus moves to driving sales into the V3 and Vault Solo products.

Research and development expenditure by Vault will be offset by the Australian Government’s R&D tax offset fund for which the company has gained approval to access.

The refund will assist with ongoing development expenses and is expected to be received in the last quarter of 2018.

Vault plans to continue investing significantly in its product suite, encompassing artificial intelligence and internet-of-things, as well as business branding and market awareness.

Quick facts: Vault Intelligence Ltd

Price: $0.31

Market: ASX
Market Cap: $31.39 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Vault Intelligence Ltd named herein, including the promotion by the Company of Vault Intelligence Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Vault Intelligence 'buoyant' with record quarterly results and advanced...

Vault Intelligence Ltd (ASX:VLT) chief executive officer David Moylan updates Proactive Investors on the software company's record quarterly results.   Contracted annualised recurring revenue (CARR) growth was $542,000 for the March quarter, lifting total CARR to $4.77...

on 24/4/19

3 min read