Monday, 01 February 2016 01:21

Norwood continues record revenue run rate for World Phone, Corona upgrades coming


‘Sharing economy’ telco Norwood Systems reports positive news on World Phone telephony app alongside new product development and enhancements to business focused Corona platform.

Norwood Systems says it has good news to share, with a 200%+ quarter on quarter cash receipts increase, an annaualised revenue run rate for the World Phone app continuing at a record rate of AUD $1.9 million as downloads now exceed 3.3 million.

The company says these downloads have been acquired at ‘competitive costs of marketing and acquisition’ while promising ‘new product development, including enhancements to Norwood’s business customer-focused Corona platform’ is ‘now underway.’

Add to this a ‘strong corporate focus on increasing revenue and ultimately driving positive cash flow generation from the user base’, the aforementioned Corona platform enhancements coming in calendar Q2 and a strong cash position of ‘~A$6.5 million’ and things sound positive for the trailblazing telco.

The Company’s has also issued its ;’quarterly cash flow report for the period ending 31 December 2015.’

Significantly, Norwood says this ‘was the first full quarter of customer receipts for the company since the launch of World Phone, with cash receipts increasing by over 200% as a result.’

Unsurprisingly, the company views this as ‘a very positive first step towards the goal of reaching positive cash flow generation from the Company’s user base, across a suite of telecommunications offerings.’

Norwood Systems’ CEO and Founder, Paul Ostergaard, said: “This quarter saw us invest aggressively in building our core and growing user base for World Phone – now over 3 million downloads – in a cost effective manner.

“This is a significant asset base for the Company, which we are now starting to reap the early rewards from in the form of growing monthly cash revenue.”

More of Ostergaard’s comments below, please read on:

Ostergaard continued:

“We have also laid down the foundations for our core multi-app consumer strategy this past quarter and are very pleased with progress achieved to date by the engineering team.

“After an auspicious first step in terms of proving the value of our global federated telco platform through widespread, worldwide adoption of our World Phone App, we are shifting gears and focusing increasingly on driving monetary returns from our asset base of users.

“We have a number of strategic product enhancements and new product initiatives underway to drive this focus.”

More details are available at the full ASX announcement, here (PDF link).

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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