Quickflix Ends FY with Turnaround Performance
Quickflix Limited (ASX: QFX) posted its results for the June quarter today concluding a year in which the Company performed strongly in a very challenging economic environment.
Highlights for the year were:
• Paying subscribers as at 30 June, 2009 were 29,910 up 17 per cent for the year with most of the growth coming in the last two quarters;
• Revenue receipts grew by 12 per cent to $6.9 Million whilst operating payments were down by 14 per cent to $7.4 Million;
• Net cash outflow reduced from $4.95 Million in the previous year to $1.48 Million for the year ended 30 June 2009; and
• Net cash at bank at 30 June 2009 was $1.19 Million having recently successfully completed a $0.75 Million private placement.
In the June quarter, Quickflix repeated the solid growth in paying subscribers of the previous quarter. This was all the more pleasing as it was achieved on minimal marketing spend, Quickflix Managing Director Simon Hodge said.
“Our service offering is in the sweet spot for Australian householders looking for affordable quality entertainment. As a brand we also have early mover advantage as increasingly consumers turn to online” Mr Hodge said.
In addition to the private placement which raised $0.75 Million in June, Quickflix has recently announced a fully underwritten 1 for 6 rights issue to raise a further $1.2 Million to fund its expansion.
Founder and Executive Director of Quickflix, Stephen Langsford said: “The outlook for the coming quarters is very positive. The capital raised from the recent private placement and the announced fully underwritten rights issue will fund the next step change in our subscriber numbers and build on our momentum”.
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