Welcome to the third issue of Datasquirt's Investor Update. We devote this issue to our 2008 annual report, which provides an in-depth review of the company's progress for the year ending 31 March 2008.
Shortly you will receive a copy of the annual report in the post, along with the notice of the annual general meeting, which we warmly invite all investors to attend. If you would prefer to receive future annual reports electronically, you can elect to do so by following the instructions on the annual report election form which will be enclosed with the mailing. In the right hand panel of this email you will find links to the online version of our annual report, our announcement of the results to the ASX and the notice of annual general meeting, which includes details as to where and when the meeting will be held, and explanatory notes regarding the business to be considered at the AGM.
2008 results at a glance
Results were according to plan and on track with the expectations we expressed when the company listed on the Australian Stock Exchange in September 2007. Revenues from our core business of CONTACT license and hosting fees more than doubled over the year to NZ$1,447,000. The net loss for the year ending 31 March 2008 of NZ$3,845,000 reflects the substantial investment in establishing business development capability in overseas markets and continuing to build the functionality of CONTACT. Cash and bank balances stand at NZ$5,133,000.
Highlights include:
• Revenue of NZ$1,447,000 representing 109 percent growth in recurring CONTACT license and hosting income
• 113 percent growth in customers under contract or in pilot with CONTACT
• First nine customers contracted in international markets
• Establishment of Datasquirt sales office in Germany, UK, Australia and USA
• Continued evolution of CONTACT product in line with planned delivery cycle, including launch of Web Chat module in March 2008
• Strong pipelines heading into the 2008/09 year and continued growth expected.