QR codes are having a major moment and I’m definitely not complaining. You’d be lying if you said you don’t enjoy the convenience of being able to order food and drinks to the table, from your phone. No interruptions to conversation, no waiters getting your order wrong, no weird judgemental faces when you reiterate for the 4th time that UNDER NO CIRCUMSTANCES SHOULD PARSLEY TOUCH YOUR PLATE.
Restaurant order management and Point-of-Sale (POS) system, OrderMate creates cross-platform software built especially for the hospitality industry. The rise of contactless ordering saw them boom in popularity with venue owners and subsequently, be acquired by leading SaaS technology company MSL Solutions (ASX: MSL) in September last year. You’ve probably already used MSL’s product… multiple times.
As well as helping me communicate my parsley aversion, OrderMate aligns well with MSL’s business offerings- connecting customers to venues through digital entry, ordering and payment solutions. Their suite of services include POS systems, contactless in-venue and outside venue ordering options and data management.
The Company has shown good growth in the last six months to 31 December 2021 with revenue growth over 40%.
A huge contributor to that figure was OrderMate which MSL acquired on 30th September 2021. With synergies realised between the two companies, OrderMate’s performance exceeded the Board’s expectations.
Other deals also supported MSL’s EBITDA increase to $2 million, three times higher than the prior corresponding period. Stadiums in the UK such as ASM Global and Manchester City FC have been migrated onto MSL’s latest platform with attendance at events picking up following the easing of COVID restrictions.
The Company’s proprietary POS system SwiftPOS will soon enter venues such as AAMI Park in and Theatre Royal following deals at the enterprise and stadium level.
Looking ahead the Company already has a plan which will contribute to their 2HFY22 revenue including integration of relevant applications into their system and expansion of SwiftPOs opportunities at UK venues such as Brighton Pier, Aberdeen Steak House restaurant and Lightwater Valley Amusement Park as well as Eden Park Stadium in New Zealand.
“We have continued to drive our strategy of Point of Sale (POS), Golf and Digital. We focus on business fundamentals of increasing revenue, from our new sustainable cost base creating cash and EBITDA profitability,” said Pat Howard, CEO of MSL.
The now profit making Company is sitting on a cash balance of $7.5 million with no interest-bearing debt.
Full half year results for the company will be released later in the week.
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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