On the 17th of August 2017, Flexiroam Limited held their Annual General Meeting at its headquarters in Malaysia. Shareholders from Malaysia and Australia alike attended the AGM to vote on the resolutions of the company.
Managing director, Jef Ong chaired the meeting and addressed 6 resolutions, covering the adoption of the 2017 remuneration report, the re-election of Mr. Paul Khong, Ms. Cheryl Yeoh and Mr. Fong Wai Hong as directors, the appointment of new auditors as well as the approval of a 10% share placement facility. All resolutions were passed by all shareholders present.
A short investor update was presented by the Managing Director, Jef Ong. The update focused on the company’s performance over the last year and its latest achievements. The presentation highlighted several key aspects of the Company’s operations and future strategy.
1. Widening Market Segments
Flexiroam launched new Local Data Plans in July 2017 that target 11 specific countries. These plans cater to specific countries with shorter durations of under 7 days. Within the first month of being rolled out, over 120 packs were sold via the mobile app alone. These plans are a showcase of Flexiroam’s efforts to capitalise on the $496 billion leisure travel global industry.
2. Growth in the Subscriber Base
Since Flexiroam X was launched in June 2016, there has been an average quarter on quarter growth of 73.3% in the subscriber base and 64.1% growth in the number of active users.
3. Monthly Active Users
In January 2017, Flexiroam had 4630 active users. Just seven months later in July 2017, that number has almost doubled to 7870 active users and counting!
4. Customer Loyalty and Value Sustainability
Strong customer retention is a key focus for Flexiroam. Since the launch of Flexiroam X in June 2016, 38.5% of customers made subsequent purchases, with an average of 1.9 transactions per recurring customer.
5. Recurring Revenue Growth
Due to the high levels of customer satisfaction, recurring revenue makes up over 53% of the company’s total revenue. In July 2017, Flexiroam experienced a recurring revenue growth of 22.4%. Recurring transactions for the month exceeded 2,000.
6. Global Distribution Growth
The Partner Program 2.0 is also proving to be a reliable distribution channel, with over 143,000 orders made to date. The global distribution model has reached over 80 distributors from 19 countries and counting, providing Flexiroam with distribution in physical locations in many countries, including international airports in the United States and Malaysia.
7. Moving Towards Cash Flow Positive
Increasing revenues coupled with a reduction in direct costs and consolidations in operating cost helped to decrease the total cost per revenue over the past 7 months. The total has decreased month-on-month by 15.3%, bringing the company closer to a cash flow positive position.