GIANT customers increased three-fold to 115 (FY15: 36), revenue up 23%
Companies: Fusionex International
Fusionex's profits jumped 26% to RM74m (£13.64m) in the year to 30 September, after bumper GIANT (FXI's big data software) sales helped revenue increase 23% to RM94.6m.
EBITDA was "significantly" ahead of expectations at RM15.4 (£2.77m) despite hefty investment in marketing, expansion, and product development. The group reported an impressive gross profit margin of 78.2%.
Fusionex, which specialises in Big Data Analytics, Artificial Intelligence, and the Internet of Things, said it has cash reserves of RM94m (£16.92m), up from £10.4m FY15. Investors will welcome the improved cash conversion, with debtor collection falling to 78 days from 100 in FY15, and 85% of outstanding trade receivables collected at the financial year end.
GIANT customers increased from 36 in 2015 to 115 in 2016, with several high profile customers added including the Malaysian Stock Exchange, a global media conglomerate, and an Asian bank.
CEO Ivan Teh said he was "delighted" by the progress that had been made, as he stressed that GIANT's enhancements had enabled the firm to expand into new markets and increase its customer base:
"This progress has underpinned our strengthening financial and market position, as well as demonstrated that our focused investment in research & development and marketing is enabling Fusionex to accelerate growth and leverage the Big Data opportunity.
With the impressive momentum continuing in the first four months of the year, a solid pipeline of new customers and the launch of our market-leading GIANT 2017 product on the horizon, the Company is excited and confident in its ability to realise its significant growth opportunity."
Shares in FXI opened up 5% on Wednesday before falling 10% to 145p. It has fallen 30% since its October highs of 207p, but it is worth bearing in mind that FXI is a highly illiquid stock.
