Annual Report to Shareholders and Preliminary Final Report
Sydney, Aug 31, 2018 AEST (ABN Newswire) - Collaborate Corporation Ltd (
ASX:CL8) provides the Company's Annual Report and Preliminary Final Report.
Operating review
Collaborate significantly expanded its operational footprint, launched new products and increased revenue for the fourth consecutive period in the 2018 financial year (FY18). With funding secured from the 100% exercise of the CL8O listed options and strategic investment from RACV in April 2017, Collaborate increased investment in key management personnel, the Collaborate Sharing Platform and new products to provide a solid foundation for future growth. Key highlights include the launch of RACV DriveMyCar, the upgraded version of the Collaborate Sharing Platform featuring Mobilise, largest ever corporate fleet additions from Subaru and Peugeot, introduction of accident replacement rentals for Uber and RACV Insurance and expansion of the ManageMyCar service in Melbourne.
FY18 revenue increased by 31% and gross profit increased by 35% versus FY17, the majority of which was attributable to the DriveMyCar business unit which exploited multiple new opportunities in the mobility industry. The net loss after tax increased by 43% compared to FY17 as a result of substantially increased investment in personnel, product development and other growth drivers which are likely to contribute more substantially to revenue in future periods. This investment phase has now been completed and new product development expenses are not expected to increase further as the business continues to grow. The Group remains debt-free.
Collaborate continued to deliver on its peer-to-peer strategy and strengthened its focus on rapidly developing opportunities in the mobility segment, which DriveMyCar is especially well suited to exploit. Expanding from an initial focus on medium to long term rentals of privately owned vehicles DriveMyCar has broadened its supply and demand channels to take advantage of developing mobility opportunities while strengthening its competitive position versus traditional car rental companies.
To view the full report, please visit:
http://abnnewswire.net/lnk/L7SS0878
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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