The Skyfii Ltd (ASX: SKF) share price is soaring higher today after the company held its annual general meeting (AGM). At the time of writing, shares in the tech minnow have risen 6.52% to a price of 24 cents.
This comes after a strong 6 months for the company, which has seen its share price rise 56%, taking its market cap to a total of $88 million.
What Skyfii does
Skyfii is a global software and data services company that aims to transform the way that organisations collect and use data. The tech provider currently operates across 35 countries and 5 continents and has delivered its solutions to a total of over 10,000 venues to date. Its clients range in size from small hospitality and retail stores to large stadiums and airports.
The company’s software has applications with monitoring social distancing and contact tracing, making it applicable during the pandemic. In order to do this the company processes billions of data points every month. These data points are captured both physically and virtually in order to assist businesses in improving customer and employee experience.
Skyfii annual general meeting
This morning Skyfii chair Andrew Johnson and CEO Wayne Arthur addressed shareholders at the company’s AGM.
The pair highlighted Skyfii’s strong financial growth in FY20, with operating revenue growing an impressive 44% and recurring revenue also increasing by 72% over the year. Despite its small market capitalisation, the software provider also posted positive operating earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.1 million and also expects another positive result in FY21.
It was also noted that Skyfii has successfully completed two accretive acquisitions this year: Beonic Technologies, which will add over 300 blue-chip clients, and the retail optimisation solution, Blix.
Notably, Skyfii has poured money into improving its product suite throughout the year, which currently includes artificial intelligence (AI) video analytics, managed services and drone AI.
The results of the meeting clearly impressed shareholders as the Skyfii share price is surging upwards.
While a revenue goal was not mentioned in the AGM, the speakers highlighted some areas of focus for the remainder of Skyfii’s year.
They outlined that there would be increased investment into marketing activities to continue to drive quality leads across all markets. This comes with a particular focus on integrating corporate offices, universities and grocery stores into its customer base.
Furthermore, the company announced that it would remain focused on cash management in light of the uncertainty surrounding COVID-19. However, if acquisition opportunities present themselves then the company indicated it is likely to act.
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