Join our daily newsletter At The Bell to receive exclusive market insights
- Registry Direct (RD1) reports an increase in customer receipts to $286,000 for the December quarter, up 60 per cent from the prior corresponding period
- The company used $142,000 in the quarter with the funds primarily going towards staff, corporate and administration costs
- RD1 said lockdowns due to the COVID-19 pandemic are presenting a number of logistical challenges for the growth of the business
- For future operating activities, the company has $2.86 million of funding available which it expects to last 20 quarters.
- Shares closed flat on Tuesday at 2.5 cents each
Registry Direct (RD1) reported an increase in customer receipts to $286,000 for the December quarter, up 60 per cent from the prior corresponding period.
The company used $142,000 in operating activities with the majority going towards staff, corporate and administration costs.
Pleasingly, the company received a $256,000 research and development tax incentive grant in the quarter.
The company added a net 48 new fee-paying registers to its business which reflects growth from previous periods.
Registry Direct completed four upgrades and improvements over the quarter including, multifactor authentication, work on its CHESS replacement project, miscellaneous product improvements and bug fixes.
Total operating expenses for the quarter were reported at $482,071, down from the $550,576 recorded in the September quarter.
As previously announced, the company raised $1.4 million through a placement which it said has strengthened the balance sheet of the firm and will assist with implementing growth strategies.
The company said lockdowns from COVID-19 are presenting a number of logistical challenges for the growth of the business. Online sales have continued and the company continues to meet the needs of customers, however, business development activities are still being restricted.
Moving forward, the company will continue to explore inorganic acquisition opportunities to diversify and grow the business.
For future operating activities, Registry Direct has $2.86 million of funding available which it expects to last 20 quarters.
Shares closed flat on Tuesday at 2.5 cents each.
