engage:BDR Ltd (ASX:EN1) has achieved its greatest first-half revenue since listing with the $9.04 million total representing a 44% growth rate year-on-year.
After the strong start to 2020, the company is expecting an even better second half as the advertising industry traditionally expects 65-70% of its revenues from July to December, as experienced by EN1 in 2019 with a ratio of 34%:66%.
This was also experienced by the company in prior years and by others involved in the same industry.
Strongest revenue in EN1 history
Executive chairman and CEO Ted Dhanik said: “I’m proud to say, despite the COVID-19 impact to our second quarter, our team still delivered the strongest H1 in EN1 history, by 44%.
“The AUD strengthened as our Q2 monthly revenues improved since April (we earn in USD); the difference was eclipsed in FX.
“Early signs of revenue normalisation include a recent daily revenue peak for the last week of June at $50,000 – to see this type of figure appear in daily reports again consistently is very exciting.
“Additionally, July’s first four days have been stronger than June’s; I will note, July is the start of a new quarter and typically, the weakest revenue days are in the first month, so this is an early but a warm-welcomed indicator.”
New US lending programs
Dhanik continued: “We implemented significant operational expense reductions from mid-March 2020, including employee furloughs, pay cuts in Q2 (including CEO, COO, the board, etc), tech infrastructural expenses, outside contractors, rent, and in nearly every category.
“Several new lending programs are being introduced in the US, and our finance team is focused on finding equity-free traditional funding to refinance EN1’s notes; more on this as it develops.
“We’ve been through a storm or three in the past 12 years, we are equipped to navigate,” he added.
Published at Mon, 06 Jul 2020 01:50:00 +0000-engage:BDR achieves best first half revenue on record with $9.04 million representing 44% growth