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K2fly continues revenue growth recording largest month to date

The company sells its own software, resells third party’s software, and provides experienced consultants to clients using the software.
growth concept
Many of K2F’s clients are tier one clients from various sectors including resources and energy

K2fly Limited (ASX:K2F) invoiced clients $718,000 in May 2019 making it the company’s largest ever month for invoices and an increase of 67% on May 2018.

April 2019 invoices raised was also up 158% on April 2018 – the company noted that the June quarter is usually the largest revenue quarter.

The company is on track to invoice around $500,000 to its clients for June 2019 resulting in June quarter invoices of over $1 million.

Shares are up over 30% in the past month, closing yesterday at 18 cents.

As at 13 June K2F has more than $700k in cash and more than $1 million in aged receivables from existing clients.

RCubed acquisition completed

K2F has now completed the acquisition of the RCubed, a resource governance software solution from South Africa.

It has also acquired a new client in the form of Imerys, a French multinational company which specialises in the production and processing of industrial minerals.

RCubed’s major clients are Teck Resources Ltd (TSE:TECK) and AngloGold Ashanti Limited (JSE:ANG).

The acquisition complements K2F’s governance software Infoscope, which also targets the resources sector.

Two new clients in Queensland

During May, K2F also started assignments with two new name clients in Queensland; New Hope Corporation Ltd (ASX:NHC) and Stanwell Energy.

Contract extensions and additional work has also been won from existing clients Western Power, Arc Infrastructure, Fortescue Metals Group (ASX:FMG), Programmed, and Westgold Resources Ltd (ASX:WGX).

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K2fly Ltd Timeline

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