Cash receipts and revenue were up and costs down for Yojee (ASX: YOJ) during the December quarter as the logistics tech play continued to lock in new contracts.
During the quarter, Yojee signed nine new software customer contracts which includes two national leaders and seven SMEs across three countries plus a major contract upgrade out of Malaysia.
Customers were from a range of sectors in logistics including long haul, freight forwarding, ecommerce focused final mile start-ups, and specialists in moving financial documentation with ultra-tight time windows.
Yojee recorded cash receipts of $136k (up 15% quarter-on-quarter) and revenue of A$153k as it continues to focus on growing its SaaS recurring revenue streams over bespoke projects. Meanwhile operating costs were down 19% on the previous quarter.
Investors were happy with today’s results with the stock climbing 0.1c or 2% to an intraday high of 6c on volume of 322,900 shares.
SendYojee reported a record quarter with 8,793 deliveries being logged in Singapore between Yojee and their downstream partners. This was up 42% on the previous quarter’s 6,200 deliveries.
Strong operational performance with development and release of new capabilities, features and optimisation tools, namely the release of its new 2.0 infrastructure and the release of third version of its dispatcher platform ‘Kairos’.
Yojee believes these advancements, which it continues to enhance, together with the growing client base, will position it for a strong 2019.
The December quarter was a great momentum building period in Yojee’s short history, in which we achieved a strong uptick in new software customers, strong growth out of the freight business, while achieving an 18.5% reduction in total operating spend,” Managing Director Ed Clarke said.
“We are continuing to build efficiencies into our business, with the operational and technical upgrades and improvements implemented in the previous two quarters resulting in faster time to market and increased stability, which has enabled us to operate with a leaner structure.
“The company delivered successfully to businesses of all sizes, added client supporting features at unprecedented velocity and embraced the elixir technology”.
During the quarter, Yojee successfully onboarded Aero Line (Malaysia), developing bespoke functionality to facilitate its multi-leg / multi-day delivery.
The deal created transactional growth in Malaysia and represents the movement of product documents to branches, legal partners, vendors, and sorting houses that make up Kuala Lumpur’s finance logistics industry.
Recently, Yojee launched an Advisory Board through the appointment of Peter J F McLean and Christopher Logan.
The founding advisory board members have world class global experience with USD $4 billion dollar plus annual revenue businesses at board level with expertise in supply chain and logistics along with technology, sales and marketing.
