Ackroo Revenues up 23% over 2016
OTTAWA, April 23, 2018 (GLOBE NEWSWIRE) — Ackroo Inc. (TSX-V:AKR) (OTC:AKRFF) (“Ackroo” or the “Company”), a gift card, loyalty and rewards technology and services provider, has filed its financial results for the year ended December 31, 2017.
The results for the year ended December 31, 2017 reflect year over year revenue growth of 23% and a 5 year cumulative average growth rate of 35% per year. The results also include a 7% increase in gross profit from 66% in 2016 to 73% in 2017.
“We are very pleased with what we accomplished in 2017 as we continued to build a strong foundation for growth,” said Steve Levely, chief executive officer at Ackroo. “We focused on key product enhancements to support migrations of acquired merchants while also supporting our organic growth plans both instore and online. We made operational and product changes to better support our goal to specialize by segment while also support small, medium and enterprise merchants. We then finished the year with our largest revenue and location based acquisition to date with our acquisition of KESM/LoyalMark. As we enter 2018 we now support over 1,000 customers and 4,000 locations and have a business that has more than 65% of our revenues in recurring revenue and greater than 75% gross margins. We continue to maintain a customer retention rate in excess of 95% and will generate over $3 million of annual recurring revenue in 2018 alone. We have a product and operational model that is built for scale and is ready to continue to simplify, consolidate and improve the very fragmented gift card, loyalty and marketing landscape. All of these things have played a key role in our great start to 2018 so we are very excited for what lies ahead for Ackroo and for our shareholders.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
• Revenue of $2,737,830 for the year ended December 31, 2017 as compared to $2,224,165 for the year ended December 31, 2016 (23% growth);
• Subscription and Service revenue was $1,708,015 for the year ended December 31, 2017 as compared to $1,470,039 for the year ended December 31, 2016 (16% growth)
• Gross profit of $1,995,742 (73%) for the year ended December 31, 2017, as compared to $1,463,488 (66%) for the year ended December 31, 2016 (7% increase)
Ackroo provides gift card and loyalty processing solutions to help retail and hospitality merchants of all sizes attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
For information, please contact:
Chief Executive Officer | Ackroo
Tel: 613-599-2396 x730
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.