Business
Locafy Reports Fiscal First Quarter 2024 Results
Fiscal First Quarter 2024 Highlighted by Strategic Partnerships, Maintained Gross Margin of 81%, and 53% Year-Over-Year Cost of Sales Decrease Continued
About this update from Locafy Limited
[{"type":"text","content":"Fiscal First Quarter 2024 Highlighted by Strategic Partnerships, Maintained Gross Margin of 81%, and 53% Year-Over-Year Cost of Sales Decrease Continued Cost-Efficiency Initiatives Help Drive Locafy Closer to Profitability; Milestone Expected Early in Calendar-Year 2024 PERTH, Australia, Nov. 27, 2023 (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 reported financial results for the 2024 fiscal first quarter ended September 30, 2023. All financial results are reported in Australian Dollars (AUD). Recent Operational Highlights Announced an enterprise partnership with Method, an Australian digital marketing agency with local-scale expertise. Method has been using Locafy’s products over several years and has grown to enterprise partner scale through an expanded client network and significant growth. Through this continued partnership, Method will ramp-up its deployment of Locafy’s Entity-Based SEO product suite to further supplement its growth and increase its market share.Announced a strategic partnership with TransUnion to expand Locafy’s publishing network. This partnership will allow for the publication of 17 million business listings in Hotfrog.com, a top-20 free online directory which Locafy acquired in 2016. The collaboration will assist in increasing Locafy’s existing publishing network by 34% to approximately 66 million pages. Management Commentary“Our fiscal first quarter included several achievements that we believe position our business for strong growth over the rest of fiscal 2024,” said Locafy CEO Gavin Burnett. “Despite a series of billing relief extensions granted to customers impacted by our recent platform upgrades and transitions, we believe we made progress across our growth strategy pillars. We confirmed an enterprise partnership, expanded our publishing network, significantly advanced our cost-efficiency initiatives, and continued driving successful software trials to further validate our technology. “Since the end of the quarter, we’ve transitioned our focus to accelerating growth and achieving profitability in the upcoming calendar year. We are confident that our recent enterprise partnerships have helped us develop a strong business development pipeline a...