Chairman's Address to AGM
This has been our second full year as an ASX Listed company, and has marked a consolidation period, during which the company has maintained revenues and aggressively managed costs. We have established a base for growth, and the Company has made significant progress towards its goal of positive operating cash flow.
FY17 was a year where we completed our exit from the games sector whilst retaining and growing revenues from our major clients. We also established managed services as a profitable revenue stream, partnered with a significant U.S. Artificial Intelligence marketing company and further developed the OtherLevels platform.
During H1 FY17, the Company announced changes to our sales strategy with the objective of creating a more efficient and effective sales model. This achieved cost reductions of 27%, and headcount reductions of 22%, while the Company was able to achieve year on year revenue growth of 9% in constant currency terms.
The Company continues to see improved sales activity, on-growing growth from our installed base, and uptake of high margin professional services capabilities.
The wagering and lotteries sector remains a core focus for the group, and during FY17 the Company added seven major clients from this sector. This included additional customers in the UK, Europe, US and Australia. The Company will continue to target this sector as OtherLevels expertise, knowledge and reputation is recognized.
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About Otherlevels Holdings Ltd
The OtherLevels platform enables clients to acquire sooner, engage smarter and retain longer and supports desktop, mobile web and apps. OtherLevels leading clients include Camelot (UK), Tatts, Coles, Flight Centre, IHG, LadbrokesCoral, Betfred, Doubledown and Playstudios.
For more information, please visit http://otherlevels.com
Otherlevels Holdings Ltd