Appendix 4D and Interim Financial Report
Collaborate Corporation continued to capitalise on its unique strategic advantages in the first half of the 2018 financial year (H1 FY18) delivering a 52% increase in revenue for the period to 31 December 2017, a strong improvement on the 34% growth achieved in the prior year period ending 31 December 2016 (PYP).
Most of the revenue increase was attributable to the DriveMyCar business unit which benefited from key product launches in the latter part of H1 FY18, including RACV DriveMyCar and Subaru XV vehicles in September 2017 and Flexible Rideshare Rentals for Uber drivers in December 2017. Momentum accelerated in the second quarter of H1 FY18 with cash receipts increasing 42% in the December 2017 Quarter compared to the September 2017 Quarter. The new B2B sharing platform, Mobilise, also launched in late October 2017.
The launch of each of these new initiatives was made possible by funding provided by the $1 million strategic investment from RACV and 100% exercise of the CL8 listed options in April 2017. Due to the significant investment made in new products, which provide the potential for increased revenue in subsequent periods, the net loss from ordinary activities increased compared to the PYP. Much of the new investment was for the recruitment of management personnel and technology development to support the ongoing extension of the Collaborate Technology platform and the growth of the businesses. In addition, there were share based payment expenses relating to the issue of options, which is an accounting entry only and does not reflect any historic or future cash outflow. Excluding both of these costs, the net loss from ordinary activities would have declined by 6%. During H1 FY18 Collaborate improved the financial performance of its existing businesses and also deployed available funds to invest in and foster future revenue opportunities.
In accordance with Listing Rule 4.2A.3, the Interim Financial Report for the six months ended 31 December 2017 and Appendix 4D - Half Year Report of Collaborate Corporation Ltd (ASX:CL8) follow this announcement. This information is to be read in conjunction with the annual report for the year ended 30 June 2017.
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About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
Collaborate Corporation Ltd