Business
Locafy Announces Preliminary Unaudited Revenue for the Financial Year Ended June 30, 2022
PERTH, AUSTRALIA, July 27, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (NASDAQ: LCFY, LCFYW) (“Locafy” or “the Company”), a globally recognized
About this update from Locafy Limited
[{"type":"text","content":"PERTH, AUSTRALIA, July 27, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (NASDAQ: LCFY, LCFYW) (“Locafy” or “the Company”), a globally recognized software-as-a-service technology company specializing in local search engine marketing, today announced preliminary unaudited revenue for the financial year ended June 30, 2022 (“FY22”), and additional select unaudited performance metrics. FY22 Preliminary Unaudited Financial Results: Revenue is expected to be A$4.2m, an increase of approximately 92% compared to the financial year ended June 30, 2021.Gross Profit is expected to increase by approximately 81% compared to the financial year ended June 30, 2021.Rapidly growing distribution channel with 421% growth in Total Partners to 135 as at June 30, 2022. The size and caliber of these partners continues to improve as we demonstrate in-market performance of our local search solutions. “The financial year ended June 30, 2022 was a transformational year for Locafy, which included our successful IPO on the Nasdaq on March 25, 2022,” said Gavin Burnett, CEO and Founder. “Locafy enjoyed pleasing revenue growth of around 92% over the previous financial year, and the Locafy team is now focussed on achieving profitability in FY23 through a combination of cost management, profitable organic growth and profit-accretive acquisitions,” Mr Burnett said. “This tremendous progress and our strong competitive position would not have been possible without the talent and determination of the entire Locafy team.” Current Trading and Outlook Monthly Recurring Revenue (MRR) for July 2022 is expected to be around $500,000 based on current contracts, an increase of approximately 110% compared to July 2021. Mr Burnett commented, “The new financial year has started well and we expect the increasing momentum seen in the last financial year to continue. Our core values of growth, innovation and tenacity is keeping Locafy ahead of the competition. We intend releasing our technology roadmap for FY 2023 in the near future, which will demonstrate our commitment to continued innovation to stay ahead of the pack and drive tangible benefits for our channel partners and customers. We believe these upcoming releases will increase our competitive advantage in the local search market where we are rapidly establishing ourselves as leaders, benefiting our clients with their digital ...