Commenting on the results Richard Horsman Non-Executive Chairman said:
“The Company has achieved a number of important milestones this year, notably our successful £2.2 million placing announced in September 2018 which is expected to deliver cash generation. This over-subscribed fundraise showed continued belief in Toople’s management and strategy and will provide important resources to drive business growth.”
Toople PLC (LON: TOOP), a provider of bespoke telecom services to UK SMEs, today announced its final audited results for the year ended 30 September 2018.
Financial Highlights:
Revenue, showing significant growth of our business year on year
· Group revenue grew by 17.5% to £1,505,000
· Broadband revenue grew by 112%
· Hosted revenue grew by 345%
· Mobile revenue grew by 221%
Other financial metrics also showing growth
· Gross profit increased in GBP terms by 28% to £203,624 (FY17: £159,305)
· Overall gross margin improved by 1.1 percentage points to 13.5%
· Retail margin up from 16.5% to 21.7%, driven by improved gross margins on Broadband and Mobile
· Increase in costs as sales team brought in-house, driving significant increase in lead conversion and sales, resulting in lower cost of acquisition per customer
Operational Highlights:
· Significantly strengthened management team, focussed on driving growth, innovation and sales
· Successful and oversubscribed fund raising, showing support for business’s management and strategy
· Management expects recent placing to deliver cash generation
· Number of material new contract wins and partnership agreements validating management decision to bring sales function in-house
· Strong current trading including record month in October 2018 followed by another record month in November and a healthy new business pipeline
Commenting on current trading and outlook Mr Horsman added:
“There is no better indicator of the strength and growth of the business than our recent October numbers. As reported recently, Toople received the highest number of orders by contract value in one month in its history, making this a record-breaking period for the business. November trading showed further growth over and above October, with more than £250,000 of contracted revenue again achieved in the month. This is clear demonstration that the momentum of the business continues.”
Andy Hollingworth, CEO at Toople commented:
“Our strategy of top quality customer service, a dedicated sales and marketing team, a refreshed and renewed management team and a bespoke product that gives clients exactly what they need in a simple, easy to use package is our recipe for success and one that is showing phenomenal results. We are the modern telecommunications partner of choice.”
