June 2018 Quarterly Report and Business Update
Sydney, July 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 30 June 2018.
Collaborate concluded FY18 recording a 21% increase in Receipts from Customers. The June 2018 Quarter delivered the lowest cash used in operating activities for the year, supported by an R&D tax incentive refund of $267,000, a 46% increase from FY17.
The group maintained strong operational activity levels during a period of competitor oversupply, which saw a decline in pricing in the market, and a seasonal decline in rental demand during the cooler season. The group had a strong focus on executing on the growth opportunities recently announced, a number of which progressed during the quarter. The impact of these initiatives is expected to be seen in the results from the September 2018 Quarter and beyond. Despite a strong underlying business, the seasonal weakness, competitor oversupply and delays experienced by third parties combined to counteract the delivery of another quarter of record growth. Notwithstanding all this, the June 2018 Quarter produced the fourth highest Receipts from Customers result ever achieved by Collaborate. To offset the lower than expected revenue, expenses were carefully managed such that the June 2018 Quarter reported the lowest net cash used in operating activities in FY18 (or the second lowest with the exclusion of the R&D tax incentive receipt).
Key corporate highlights include:
- 21% increase in Receipts from Customers in FY18 vs FY17
- 43% decrease in net cash used in operating activities vs the March 2018 Quarter
- 18% decrease in product manufacturing and operating costs vs the March 2018 Quarter
- 16% decrease in advertising and marketing costs vs the March 2018 Quarter, reflecting the marketing contribution from RACV.
- 18% decrease in research and development costs vs the March 2018 Quarter
- 3% decrease in staff costs vs the March 2018 Quarter
- Receipt of R&D tax incentive refund of $267,000, a 46% increase from FY17
- 28% increase in Rental Transaction Value and Gross Revenue for DriveMyCar in FY18 vs FY17
- 72% increase in Uber Rental Transaction Value in FY18 vs FY17 and 6% increase vs the the March 2018 Quarter
- 46% increase in RACV DriveMyCar Gross Revenue in Victoria in June 2018 vs May 2018 reflecting improvements obtained since digital marketing was brought under the direct management of DriveMyCar and contribution of revenues from the hailstorm accident replacement rentals.
- Launch of Accident Replacement Rental solution for RACV Insurance customers affected by the December 2017 hailstorm
- Launch of the fleet of Peugeot vehicles which has so far reached 115 vehicles, with additional vehicles available as existing vehicles are returned
- Launch of airport parking and ManageMyCar service with Busy Beaver, an RACV partner, in Melbourne
- 54% increase in Active Caravans for MyCaravan in FY18
- 31% increase in Unique Users for MyCaravan vs the March 2018 Quarter reflecting more effective marketing campaigns and uplift from trade show attendance.
To view the full report, please visit:
http://abnnewswire.net/lnk/QHE59SXC
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.
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