Skyfii posts net loss of $4.8M following UK acquisition

Wayne Arthur - CEO, Skyfii

Sydney-based data analytics and marketing services provider Skyfii (ASX:SKF) closed the 2017 financial year with $3.2 million revenue, up 37 per cent compared to 2016.

The company reported an operating net loss after tax (NPAT) of $4.8 million and operating loss before interest, tax, depreciation and amortisation (EBITDA) of $4.9 million.

In the previous reporting year, the company also reported losses with NPAT $5.4 million and EBITDA $5.4 million.

The company expects to receive an R&D tax incentive rebate of $820,000 in FY18 relating to research and development expenditures undertaken in FY17.

Skyfii CEO Wayne Arthur told shareholders that Skyfii is now recognised across a growing number of industry verticals for our capacity to use data to provide insights and drive specific business outcomes for our clients.

“We successfully grew our international footprint, executing agreements with notable global brands, such as Woolworths of South Africa, Wellington International Airport in New Zealand and a premier global food chain in the UK amongst others, in line with our stated FY17 objectives,” Arthur said.

Skyfii’s data analytics and marketing platform IO has seen subscription services up 82 per cent. The platform has analysed 840 million visitor journeys and 10 million registered users, according to the company.

The company’s business overseas growth is led largely by the “carefully selected” channel partners, with a total of ten across the US and the UK being signed during the past financial year.

The sales pipeline has grown during FY17, up to $91 million from $53 million in FY16 which now includes a growing number of verticals, according to Skyfii.

The company signed in Australia two contracts, one with the Waverley Council to provide Wi-Fi for its 2.2 million annual visitors and residents and critical data analytics.

The National Museum of Australia will use the IO platform to provide insights to support the museum in planning its exhibits to suit the preference of visitors

Last month, Skyfii acquired the portfolio of customers from London-based guest Wi-Fi services provider Wicoms Wireless. Skyfii expects to expand its global presence into Europe and North America with the Wicoms acquisition.

In June 2016, Skyfii announced its global expansion with new offices in the UK and the US. At the time, the company also appointed Michael Owen and Andrew Clark to manage the London office.