Business
Locafy Reports Fiscal First Quarter 2023 Results
Substantial Growth Highlighted by 79% Total Revenue and 107% Gross Profit Year-Over-Year Increases 81% Monthly Recurring Revenue and 253% Reseller Count
About this update from Locafy Limited
[{"type":"text","content":"Substantial Growth Highlighted by 79% Total Revenue and 107% Gross Profit Year-Over-Year Increases 81% Monthly Recurring Revenue and 253% Reseller Count Increases Display Growth Strategy Runway PERTH, Australia, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY) (“Locafy” or the “Company”), a globally recognized software-as-a-service technology company specializing in local search engine marketing, today reported financial results for the fiscal first quarter of 2023, ended September 30, 2022. Recent Operational Highlights Launched Brand Boost, an e-commerce SEO marketing tool that increases brand visibility and drives online product sales for Locafy clients. As Locafy's first proprietary solution focused on e-commerce marketing, Brand Boost pairs Locafy's robust backend infrastructure with automated programming to enhance clients' online commerce revenue growth. Acquired Jimmy Kelley Digital, a marketing firm led by SEO and e-commerce specialist Jimmy Kelley, who joined Locafy as its Global Head of Search Technology. Jimmy Kelley Digital’s technology, fully integrated into Locafy’s software suite, typically produces between 20% - 60% in revenue increases for e-commerce clients after its first month of implementation. Appointed Gateway Investor Relations, a leading strategic financial communications and capital markets advisory firm, to manage Locafy’s expanded investor relations program initiatives. Activities will include but are not limited to: refining overall company and investment-oriented messaging and corporate positioning, strategic advisory services, and introductions to institutional investors, sell-side analysts and other key influencers in the broader financial community. Management Commentary“Our first quarter was a strong testament to our growth strategy, highlighted by robust success within our subscriptions segment,” said Locafy CEO Gavin Burnett. “Building on our momentum from the end of our fiscal year, we delivered 79% revenue growth year-over-year and a 10% increase in MRR from last quarter. Our reseller and total page counts grew substantially as well, with resellers up 253% over last year and total pages crossing 85,000 for the first time, both key drivers of future subscription recurring revenue. “In addition to improving in nearly every meaningful financial metric and KPI, our strategic acti...