PropTech Group (ASX:PTG) released its Appendix 4C and Activities Report for the three months ending 31 March 2022.
Third quarter operational highlights include
- Cash receipts of $5.3m, an increase of 70% over the previous corresponding period
- Positive net cash flows of $0.4m and
- Strong cash balance of $14.6m as at 31 March 2022
Year to date (1 July 2021 through 31 March 2022) financial highlights include:
- Total cash receipts of $16.1m, an increase of 94% over the previous corresponding period
- Positive net cash flows of $2.0m
Joe Hanna, Group CEO and Managing Director said:
"This quarter's numbers present a picture of a thriving, fast growing, cash flow positive business with a record level of annualised recurring revenues, key operational metrics continuing to trend in the right direction, and significantly strengthened working capital management.
Recurring cash receipts account for nearly 90% of the total cash receipts and continued to grow in this quarter. Non-recurring cash receipts halved in Q3 FY22 to $0.6m on the back of a strong second quarter of $1.2m. The strong Q2 was due to improved collections and extraordinary cash receipts from the completion of Australia's largest new real estate website project, involving more than 2,000 web domains for Harcourts."