FlexiRoam begins 2024 with strong financial performance and strategic advancements
Travel tech specialist FlexiRoam (ASX: FRX) has achieved a positive start to 2024 with a strong first quarter that saw revenue increase 44%.
With strong growth in travel and success with its retail and corporate partnership, FlexiRoam noted a 25% increase in cash receipts while the company’ gross margin improved 100% year-on-year.
The company also recorded a 274% improvement in operating cash flow to $834,000.
Numerous highlights
Former executive chair and now chief executive officer Steve Picton said the company achieved a number of highlights during the quarter.
“These are a strong set of results that illustrate the huge potential for FlexiRoam in a highly attractive eSIM global travel roaming market,” Mr Picton said.
“The successful capital raise of $2m is an acknowledgment of this and in particular the participation of a number of new Australian sophisticated investors[…] further validates our strategy.”
Advisory board established
FlexiRoam has now established an advisory board to assist with the execution of a revised corporate strategy across its core travel, channel partners and solutions segments.
The advisory board is comprised of highly experienced professionals across the digital marketing, online user experience, branding and image, carrier, technology and finance industry sectors.
“We are quickly building our skills in the marketing and technology areas both internally and through the members of the advisory board.”
“As a travel tech business, our strategic goals and definition of success are aligned and well defined.”
We are passionate about what we do and our focus over the next 90 days will be to complete this transformation including the deployment of the key remaining elements in our technology plan.”
“FY25 will then be about execution and a laser-focus on meeting our corporate goals.”
Financial stability
Mr Picton said the capital raise will enable FlexiRoam to accelerate growth initiatives and invest in infrastructure upgrades and research and development initiatives.
Additional marketing investment is also planned to increase efficiency and effectiveness of customer acquisition and retention.
This includes the recent refresh of FlexiRoam’s branding and strategy with a focus to achieve rapid, profitable growth with an ambition to achieve a CAGR growth of two times the market growth over the next five years and attain 20% of the ‘Challenger’ eSIM traveller market.