28 September 2016
RapidCloud International plc (AIM:RCI), the computing services, web-hosting and web-solutions provider based in Southeast Asia, announces its results for the six months ended 30 June 2016.
- Revenue of RM 7.5m (H1 2015: RM 7.8m)
- Recurring revenue now 52% of total revenues (H1 2015: 43%)
- Gross Profit increased 7% to RM4.8m (H1 2015: RM4.4m)
- Gross profit margin of 64% (H1 2015: 57%)
- Operating Profit flat at RM0.6m (H1 2015: RM 0.6m)
- Net cash as of 30 June 2016 of RM3.3m (31 Dec 2015: RM 6.8m)
- Net trade receivables RM13.5m (31 Dec 2015: RM13.8m)
- Launched SalesMAP, a Sales Management, Automation & Productivity tool for businesses
- Launched Ximplify, an enterprise grade messaging and collaboration system
- Appointment of Symphonet Malaysia and Interlink Thailand as strategic partners
- E-commerce contract win for Wellmart Online Sdn Bhd, a subsidiary of Delloyd Ventures Group
- Strategic Partnership with AliCloud for South East Asia
Post period-end highlights
- Appointment as a channel sales partner for Alibaba.com across Malaysia
- API Gateway contract win for Sime Darby Global Services Centre Sdn Bhd, a subsidiary of Sime Darby Group
Raymond Chee, Chief Executive of RapidCloud, said: "The financial results for the six-month period reflected the downturn in our end markets witnessed at the end of 2015. Furthermore, we no longer expect sequential revenue growth in the second half of the current year and now believe the full year results for the 12 months to December 2016 will be similar to last year, which is below current market expectations.
"Notwithstanding the difficult trading environment, I am pleased with the operational progress the Company has made during the six months to 30 June 2016. During the period, the Company has developed new products, launched several high value enterprise grade software packages and signed significant strategic agreements with distributors and Alibaba, one of the world's largest e-commerce organisations.
"As a result of the operational progress, I believe the Company is now in a much stronger position that it has historically and whilst I do not expect sales at accelerate during the remainder of the current year, I remain confident that the Company is well placed to benefit from any upturn in its end markets in 2017 and beyond"
|RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
|WH Ireland, Nominated Adviser and Broker
|Tel: +44 (0)20 7220 1666|
|Walbrook, Financial PR and IR
|Tel: 44 (0)20 7933 8792
RapidCloud, provides computing services, web-hosting and proprietary web-solutions, such as web-site building and e-commerce solutions. 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 over 43,000. 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, Indonesia, Singapore, Thailand and the Philippines. 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.
For further information, please visit www.rapidcloudasia.com