4 February 2014
RapidCloud International plc (AIM: RCI), one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of cloud computing, is pleased to provide the following trading update in advance of its results for the year ended 31 December 2013, which will be announced in late April or early May 2014.
The Company traded in line with market expectations for the year ended 31 December 2013, having successfully signed a number of new clients and expanded the scope of several existing customer engagements during the year. As such, revenues and post-tax profits for 2013 (excluding one-off IPO costs) will be significantly ahead of 2012.
Following its IPO and admission to AIM in August of 2013, RapidCloud has made strong progress with its stated strategic objectives of accelerating its global expansion, increasing sales capabilities and continuing to develop its enterprise offerings.
As part of this process the Company has recently hired a new Head of Sales who joins from Readsoft Asia and has previously worked for Microsoft Malaysia and Dell Asia Pacific Sdn Bhd. The Head of Sales will be focussed on identifying new market trends and identifying potential domestic and international partnerships. In addition, RapidCloud has appointed a new General Manager, formerly a Director of Inspire Systems Sdn Bhd, who will be focussed on promoting the Company’s offerings into new markets.
The Company has also significantly increased sales staff numbers in Malaysia following the IPO and has expanded both its sales footprint and development staff numbers in the Philippines. The aim is to establish an off-shore development capability in this ‘cost-effective’ region where there is a deep pool of talent to draw from.
RapidCloud considers R&D to be crucial to its on-going success and progress with product development continues with the expected launch in Q1 2014 of Rapidcloud’s next commercial product, RapidCRM, a cloud-based CRM solution. The Company has already secured RapidCRM’s first customer in Thailand and expects the product to contribute to overall revenue from the beginning of Q2 2014. Developed entirely in-house leveraging Microsoft .NET, MS SQL and Business Intelligence tools, RapidCloud will be up-selling this solution to its 37,000 customers as well as through various channels to potential new customers.
RapidCloud remains committed to utilising its listing as a platform to explore the possibility of acquiring complementary businesses provided that such businesses have the potential to be value enhancing to the Group.
Raymond Chee, Managing Director of RapidCloud commented: "We are delighted to announce that our full year results for the year ending 31 December will be in line with current market expectations and significantly ahead of 2012 on an underlying basis. We are making excellent progress toward meeting our strategic initiatives and are confident of continued strong growth as we enlarge our portfolio of offerings and expand into new and exciting geographies.”
For further information, please visit www.rapidcloudasia.com or contact:
|RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
|Allenby Capital, Nominated Adviser and Joint Broker
|Tel: +44 (0)20 3328 5656|
|Walbrook, Financial PR and IR
|Tel: 44 (0)20 7933 8792
RapidCloud, one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of cloud computing. The Company is based in Southeast Asia and is one of the few solutions providers in the region to deliver its offerings through all three available Cloud Computing segments, i.e. Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service.
Formed in 1999 the Company has a well-established cloud offering with a customer base of 37,000. These are predominantly SMEs but also include blue-chip clients such as Deloitte, BAE Systems and Canon, for which RapidCloud’s extensive R&D department creates bespoke software solutions.
RapidCloud currently has operations in Malaysia, Thailand and the Philippines and has plans to expand into Indonesia. According to industry research commissioned by RapidCloud from Frost & Sullivan in 2013, the Cloud Computing industry in Asia Pacific is expected to grow at a CAGR of 49.6% between 2013 and 2015, giving a market size of US45.6 billion by 2015.
RapidCloud International plc was admitted to AIM on 14 August 2013.