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engage:BDR reaches key milestones on or before schedule and grows revenue 31.5% in H1 2020

The company is committed to achieving specific milestones within certain timeframes to reach its goal of profitability.

engage:BDR Ltd - engage:BDR reaches key milestones on or before schedule and increases revenue growth by 31.5% for H1 2020
Net assets also increased by 14% to $4.5 million

engage:BDR Ltd (ASX:EN1) grew revenue by 31.5% to $8.1 million for the first half of 2020 from $6.1 million in 2019, with the company achieving 95% of milestones on or before schedule despite COVID-19.

The company also sustained a nearly break-even operating profit or EBITDA.

After announcing a strategic plan to profitability on March 26 along with key milestones for 2020, the half-year results show encouraging progress as the company remains committed to achieving specific targets within certain timeframes to achieve the overarching goal of profitability.

“Very well-positioned to grow”

Executive chairman and CEO Ted Dhanik said: “I’m proud of our team’s accomplishment of reaching a 31.5% increase in revenue over H1 2019, in one of the toughest economic eras of our time.

“We are now very well positioned to grow beyond our early 2020 trajectory because of the extra heavy-lifting the team has done since March, as commerce continues to be restored in the US.

“Programmatic advertising is the future of all advertising, not just desktop, mobile and television – EN1 has been strategically building the infrastructure to support the incremental, new programmatic opportunities (such as digital out of home).

“Our new tomorrow requires efficiency more than ever and programmatic marketing will deliver consistent return on investment for advertisers, which will always keep EN1 in high demand.”

Balance sheet and cashflow

During the half-year, net assets improved 14% $4.5 million from $3.9 million in 2019 while EBITDA was just below break-even at -$211,000.

Liabilities improved to $9.7 million from $13 million in 2019 and cash balance as of June 30 was $1.7 million, however, grew to $3.4 million by August 31.

EN1 yielded cash outflow of $123,000 from operating activities in H1 2020, which does not include any financing activities and is limited to operating activities only.

Programmatic transactions increase

Average programmatic ad auctions daily grew nearly three times to 55 billion per day from 20 billion (in 2019).

This indicator represents more programmatic integrations signed and onboarded onto EN1’s ad exchange and potential revenue opportunity once demand and CPM’s (rates) restore to pre-COVID-19.

Peak volume days in H1 2020 were up to 100 billion auctions per day.

Trading updates

EN1 has consistently reported monthly revenue figures for several years now, through interim trading update announcements.

As management is mainly focused on the allocation of resources for revenue-generating activities at this time and because the company is human resource-constrained, it will only move to report monthly trading activities if there is material change, positive or negative.

August 2020 trading figures are expected to be similar to July’s with no material change to report.

Quick facts: engage:BDR Ltd

Price: 0.005 AUD

Market: ASX
Market Cap: $12.24 m

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