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Opyl sees opportunity to increase revenue by +30% following a rise in proposals

Opyl had a rise of expressions of interest and proposals during the June quarter to follow on from the previous quarter with the company currently having its highest number of active proposals in the market.

Opyl Ltd - Opyl sees opportunity to increase revenue by +30% following a rise in proposals
Staff cost is down 35% for the full year compared to the previous year

Opyl Ltd (ASX:OPL) is expecting a +30% rise in revenue for the 2020-21 financial year if it is able to successfully close a number of key proposals.

The company’s full-year receipts from customers for the 2019-20 financial year ended June 30 was $739,000, down slightly from the previous year, with some impact from COVID-19 on the retainer-based business.

Huumun partnership

During the June quarter, Opyl announced the first contract originating from its partnership with huumun.

The two companies continue to work on proposals and projects together.

Strong focus on building revenue

Opyl chief executive officer Michelle Gallaher said: “We continue to focus on rolling out our platforms and engaging with clients on the enormous potential of using social and digital media across healthcare for more efficient clinical trials and better patient outcomes.

“The last quarter shows the business is heading in the right direction and now the focus is building our client base and generating revenue from our platforms.

“The 2020/21 financial year has a strong focus on building revenue across the company.”

Reducing costs

During the June quarter Opyl completed a placement that raised $730,000 which has strengthened the company’s cash position.

Opyl has continued to control its internal costs, with staff costs falling 14% during the period, and down 35% for the full year compared to the previous year.

Moving forward the company will look to increase its activities around sales and marketing in line with a growing number of proposals that Opyl has in the market.

Ove the past 12 months Opyl has also reduced administrative and corporate costs by over 20%.

Quick facts: Opyl Ltd

Price: 0.094 AUD

ASX:OPL
Market: ASX
Market Cap: $3.47 m
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