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ComOps releases Appendix 4C Cash Flow Report 30 June 2017

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ComOps Releases Appendix 4C Cash Flow Report for the Period Ended 30 June 2017 (Q2 2017)

 

Sydney, 31 July 2017 ‐ ComOps Limited (“ComOps”) is pleased to release its Appendix 4C Quarterly Cash Flow Report for Q2 of the 2017 Financial Year as required by LR 4.7B.

Highlights

  • The appointment of Mr Chris Fydler as ComOps’ new CEO
  • Positive operating cash flows of $0.05m for the quarter, which is an improvement of $.68m from the March quarter
  • Cash balances maintained at over $0.35m
  • Cash receipts were significantly higher in the June quarter ($2.9m) when compared to the March quarter ($2.1m)
  • The Group’s R&D expenditure associated with the continued fast tracked development of ComOps’ new WFM solution for the quarter was $0.63m compared with $0.67m in the March quarter and is expected to continue at this level for the remainder of FY 17
  • Business continuing to gain positive momentum:
    • $1.8m+ new contracts signed (new and existing customers - up to 5 year terms)
    • Successfully concluded contracts with new customers in 2 target verticals where growth is expected to continue in the next 12 months:
      • Community Services / Aged Care
      • Hospitality
    • A major Retail client has successfully completed the 500+ store national roll out of the ComOps WFM solution (3,500+ staff)
    • Go-Live achieved at Dubai Airport. Our Rostima Aviation solution enables the world’s busiest airport to manage its 1,200+ Security and Customer Service staff in real time and integrated with the Airport’s Operational Flight Data Systems. The solution is accessed by users via PC, Tablet and Smartphone
    • Fast tracked development of a new mobile App for Android and iOS. The App will integrate with both Microster and ComOps WFM, providing full self-service functionality for both solutions
  • Implementation of the new ComOps WFM – Ports solution at a major Middle Eastern port continues to progress well:
    • Stage 4 Go-Live is scheduled for late August.
    • Stage 5-6 Go-Live is scheduled end of September.

Closely tracking to the YTD financial budget, the quarter saw negative operating cash flows of over $0.7M after adjusting for investment costs associated with the continued fast tracked investment in operating capability and development of ComOps’ new WFM product.

Looking forward, the recent appointment of Chris Fydler as CEO, further enhancement of senior management capability and the delivery of development and customer milestones augurs well for ComOps’ drive towards a significant lift in revenue, cash flows and achieving profitability.

The full Appendix 4C quarterly report is available for download by clicking here.