- Delivery solutions company Zoom2u Technologies (Z2U) reports $904,000 in revenue for the September 2022 quarter, taking the total over the last 12 months to $4.2 million
- The yearly revenue marks a 23 per cent increase which the company says was boosted by COVID lockdowns on Australia’s East Coast
- The Zoom2u delivery business saw gross marketplace value increase 11 per cent on the prior year and the Locate2u platform’s revenue rose by a significant 305 per cent on the prior year
- Following the quarter, Z2U announced it’s acquiring logistics management software business Talcasoft for $2 million to advance product development for Locate2u
- Zoom2u shares ended Tuesday’s session at 10.5 cents each
Zoom2u Technologies (Z2U) has reported $904,000 in revenue for the September 2022 quarter.
This result takes the total revenue for the last 12 months to $4.2 million, representing a 23 per cent increase on the prior corresponding period (pcp).
Zoom2u Technologies is a tracking delivery solutions provider who owns the Zoom2u and Locate2u platforms.
Established in 2014, Zoom2u is an Australian platform that connects customers to local drivers for fast deliveries. It has processed over 2.9 million deliveries to roughly 86,000 customers since it launched and has onboarded over 12,800 drivers.
Locate2u provides real time tracking solutions to around 500 customers around the world who run their own fleet of vehicles.
The company said the revenue was boosted by an “unusually high” demand for Zoom2u services in the September 2021 quarter due to COVID lockdowns in Sydney and Melbourne.
The Zoom2u business recorded gross marketplace value (GMV) of $3.3 million, taking the total GMV for the 12 months to $15.1 million which marks an 11 per cent increase on the pcp. The company also attributed the growth to the COVID lockdowns.
As for the Locate2u platform, it brought in around $228,000 in revenue which is an 11 per cent increase on the June quarter and a 305 per cent growth on the pcp.
Recent new users to Locate2u include Mayo Clinic, GM Cabs and Blackwoods.
Following the quarter, the company entered a binding agreement to acquire Talcasoft for $2 million made up of cash and shares.
The acquisition of the logistics management software business is set to accelerate product development for Locate2u.
Zoom2u shares ended Tuesday’s session at 10.5 cents each.