The consolidated profit after tax of the Group for the financial year was $327,017 (30 June 2016: $497,699).
During the reporting period the Company successfully completed the acquisition of Report Card Pty Ltd (trading as “HotCopper”) and its Initial Public Offering, gaining admittance to the Official List of the Australian Stock Exchange on the 13th of September 2016.
In November 2016, HotCopper announced the launch of its new investor relations platform, Corporate Spotlight. Designed to address the difficulties that ASX-listed companies have in reaching large numbers of self-directed Australian investors, Corporate Spotlight offers a dedicated space above a company’s HotCopper sub-forum to display company information, videos and insight. The product is offered to ASX-listed companies on an annual subscription basis ($12,000/annum plus GST). To assist with the uptake of Corporate Spotlight and grow traditional advertising revenues, the Company hired two additional sales staff with significant industry experience in Q4 FY17.
In April 2017, the Company announced the appointment of its Chief Executive Officer, Mr Ben Newport. Prior to his appointment, Mr Newport had been with the Company for several years, most recently as Sales Director, and had been an integral part of driving the Company’s revenue streams. He has a strong IT background and holds a degree in information systems from Murdoch University.
One of the Company’s primary concentrations during the reporting period was the development of its iOS app. The app is designed to provide an enhanced user experience for the significant number of HotCopper members that access the site from an iOS device. The iOS app was launched to the iTunes Store on the 26th of July 2017, subsequent to the reporting period. The Company also secured a 12-month sponsorship agreement with global trading platform, IG, for the iOS app. The agreement is anticipated to bring in an additional revenue stream for the Company in FY18, equal in the first 12 months to approximately 5% of the Company’s annual revenue.
During the period, the Company’s wholly-owned subsidiary, Report Card Pty Ltd, lodged an application with ASIC for a general advice Australian Financial Services Licence (AFSL). The Company also advised the market that it had cancelled the wholesale AFSL held by its subsidiary 708Placements Pty Ltd.
For the forthcoming period, the Company intends to add additional features to the site in order to attract and retain users. One near term opportunity for the business is the creation or curation of bespoke content, particularly video content, to enhance the utility of the site for users. In the process, the Company will look to provide ASX-listed companies with more opportunities to leverage the site’s significant audience of investors and gain awareness.
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