March 2018 Quarterly Report and Business Update
Sydney, April 30, 2018 AEST (ABN Newswire) - Collaborate Corporation Limited (
ASX:CL8) is pleased to present its consolidated quarterly cash flow report and business update for the quarter ended 31 March 2018. Despite delivering the second highest quarter for cash receipts, management is disappointed that another record quarter was not achieved, largely due to two significant deals not materialising as expected during the quarter and changes in rideshare regulations in Queensland and Victoria causing delays in new rentals and income. Each of the factors affecting March 2018 Quarter have been resolved in the month of April and those deals and initiatives will now contribute to results in the remainder of the June 2018 Quarter and following quarters. Despite the lack of any major catalysts during the Quarter, and the traditionally weaker quarter following the strong seasonal uplift in December, the underlying business was strong. Importantly, the DriveMyCar business also recorded the lowest quarterly net loss since it was acquired by Collaborate in February 2014.
Key corporate highlights include:
- 21% increase in receipts vs the March 2017 Quarter, the second highest result to date and achieved without any significant new catalysts or seasonality uplift, which boosted results in prior quarters.
- 16% decrease in administration and corporate costs vs the December 2017 Quarter, the second consecutive substantial decrease.
- Lowest quarterly net loss for DriveMyCar since acquisition by Collaborate, a 13% reduction vs December 2017 Quarter and a 19% reduction vs the September 2017 Quarter.
- 31% increase in Rental Transaction Value and 33% Increase in Gross Revenue for DriveMyCar vs the March 2017 Quarter both of which are the second highest results achieved to date and represent strong underlying sales delivered without significant catalysts that contributed to results in previous quarters.
- 67% increase in Uber Rental Transaction Value vs the March 2017 Quarter and a 4% decrease vs the December 2017 Quarter despite changes to vehicle registration requirements for rideshare vehicles in Queensland and Victoria which resulted in temporary removal of vehicles available for UberX driver rentals and delays in the commencement of new rentals for UberX drivers.
- Consistent Gross Revenue from RACV DriveMyCar in Victoria vs the December 2017 Quarter despite the strong seasonal uplift experienced in the December 2017 Quarter, once again demonstrating the strong underlying momentum in the business despite catalysts falling outside of the March 2018 Quarter.
- 6% increase in Net Rental Days Booked from RACV DriveMyCar vs the December 2017 Quarter indicating growing demand from this key sales channel.
- Significant improvement in the DriveMyCar Search Marketing campaigns delivered a 40% reduction in cost per click and over 200% increase in conversions in March 2018 vs February 2018.
- 116% increase in Rental Transaction Value for MyCaravan vs the December 2017 Quarter, due to improved marketing and increasing business traction.
- 200% increase in Net Rental Days Booked for MyCaravan vs the December 2017 Quarter prior to the expected benefits to be obtained from new promotion in conjunction with RACV.
- Over 200% increase in New Renter Registrations and 86% increase in Unique Website Users for MyCaravan in March 2018 vs February 2018 achieved by optimising the performance of the Search Marketing campaigns.
To view the full report, please visit:
http://abnnewswire.net/lnk/R7K276CC
About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
| ||
|
