Global Cash Flow Positivity Achieved Ahead of Target
BIG December Quarterly Report FY17
Sydney, Jan 25, 2017 AEST (ABN Newswire) - Big Un Limited (ASX:BIG) (BIG or 'the Company') is pleased to provide commentary on the Q2 FY17 results. The Company has experienced continued, strong growth in the December quarter with $4 million in cash receipts from customers. Company expenses for the quarter were $3.7m. As a result, the Company has achieved global cash flow positivity for the quarter, well ahead of the Company's original projection of achieving this milestone in Q3 FY17.
Cash Revenue for the Quarter $4m
Continued Growth at 518%
The Company has achieved its eighth consecutive period of averaging over 50% cash revenue growth. Q2 FY17 cash receipts from customers reached $4m. The corresponding Q2 FY16 recorded $650,000 in cash receipts and this quarter's anticipated cash revenue will represent at least 518% growth.
Steady Revenue Growth
Global Cash Flow Positivity $0.3m
Ahead of projections, the Company has achieved cash flow positivity at the end of December 31st 2016 (Q2 FY17).
Outlook
UK and US Revenue Q2 FY17
During the period, the Company received revenue from UK and US of over $500k. It is anticipated that overseas revenue will continue to show strong growth as international rollout of products and services continues.
Australian Revenue from Hair & Beauty Sector
The Company has already achieved sales of over $400,000 from the Australian hair and beauty sector during the current quarter. Revenue growth from this sector is anticipated to continue following the Company's recent proposed acquisition of BHA Media Pty Ltd.
Pillar Two Revenue
The Company recently announced a sponsorship agreement with British Airways. This agreement initiated the first significant monetization of the Company's extensive video content and the sponsorship of online TV shows. Revenue from Pillar Two of the business model has not been included in Q2FY17 results. Further revenue from Pillar Two is anticipated as additional large brands and organisations are on-boarded.
Brandon Evertz, CEO: "This quarter sees BIG achieving cash flow positivity globally. This is well ahead of our original projections for achieving cash flow positivity by the end of March quarter 2017 and is an outstanding landmark for the Company. We look forward to continued growth as additional revenue streams are realised through Pillar Two and our overseas roll out gains momentum."
To view the full report, please visit:
http://abnnewswire.net/lnk/RI68JWQ3
About Big Un Ltd
Big Un Ltd (ASX:BIG) is the parent company of Big Review TV Ltd. Big Review TV are innovative disruptors in the online video space delivering subscription based video technology products and services. The Company has operations across Australia and in New Zealand, the United Kingdom and the United States, Hong Kong, Singapore and Vancouver and was listed on the ASX in December 2014.
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