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VMob delays planned ASX listing despite reported sales momentum

By Pattrick Smellie, Tue 4 Aug 2015
FYI, this story is more than a year old

VMob, the NZAX-listed mobile technology company, says it has delayed a planned listing on the ASX because of on-going commercial negotiations and so management can focus on current sales momentum.

The company, whose mobile marketing platform delivers personalised, location-based promotional offers to mobile phone users on behalf of major brands, will update the market when the board has confirmed the timing of the ASX listing, it said in a statement. It had previously said it hoped to have a dual-listing in place by the end of last year.

VMob said annualised committed monthly revenue (ACMR) rose to $4.5 million as at July 31, a 41 percent increase on the $3.2 million it reported for the March period. ACMR is a common measure of business growth in the software-as-a-service industry and represents contracted monthly recurring revenue recognised in the month of July and multiplied by 12.

The company said growth in ACMR continues what has already been a strong year including a number of key customer wins such as the addition of 7-Eleven in Australia, IKEA in Sweden, McDonald’s Korea, McDonald’s USA and a global agreement with McDonald’s Corporation.

VMob reported a 474 percent increase in annual revenue to $2.94 million for the year ended March 31, while its net loss widened to $4.39 million.

The NZAX-listed shares rose 2.9 percent to 36 cents. Snakk Trustee, owned by Michael John Sorenson, reduced its shareholding in the company last month, dropping from 12.34 percent to 4.81 percent. 

By Fiona Rotherham

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