With well over a year of working from home under our belts it’s safe to say that hybrid and remote work is no longer a temporary solution. Our new way of working has spurred the growth of some organisations providing solutions to enhance the digital working experience.
LiveTiles (ASX: LVT) is one such company, creating employee experience software for employee collaboration and communications. The Company has today released their FY21 results which, unsurprisingly, show good growth with operating revenues increasing by 19% to $45 million and an underlying EBITDA improvement of 91%.
The Company now boasts a global client base of 1,078, diversified across industries. Notable names include United Healthcare Group, Nestle, Footlocker, Nike, IKEA and the US Marine Corp.
Pioneers in the $300 billion low code intranet market space, LiveTiles has been named a leading player. Comprising a desktop and mobile based platform, LiveTiles differentiates by being able to offer solutions to suit any workplace environment.
Co-Founder and Chief Executive Officer, Karl Redenbach said: “We are pleased with LiveTiles FY21 results in a year that was not without its challenges; operationally, and on a global scale due to the ongoing uncertainty with COVID19. Despite this, we have continued to make significant improvements across the business during the year, growing our contracted license base +48% to 2.3m, delivering 19% growth in operating revenues to $45m, reduced our operating expenditures and have now put the company on a path to profitability with Underlying EBITDA at $(1.1)m, a 91% improvement from 2020.
“We look forward to the opportunity in FY22 as we look to leverage our market leading mobile and desktop Employee Experience Platform to address both the corporate and front-line workforce needs, in a changing workforce due to the pandemic.”
The Company underwent an independent strategic review during FY21 and have shared both review findings and a renewed Company strategy. The “Premiership Plan” aims to have over 10 million contracted licenses, count 50% of the world’s top 300 companies as customers and become recognised as the world leader in employee experience.
With $16.8 million in the bank, LiveTiles is well funded to reach their goals and continue their pattern of growth into FY22.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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