ikeGPS Announces Half-Year Financial Results

ikeGPS (ASX:IKE), technology firm focused on location and weather analysis announced its half-year financial results for 2019. During the period, the company reported AU$5.24 million in revenues, compared to AU$4.39 million during the same time period last year. ikeGps’s comprehensive loss was cut by over half, reaching negative AU$900,000.

As quoted in the press release:

On September 27, 2019 the Group announced it was raising equity of up to $6.5m through a $5.0m placement and $1.5 retail offer. As documented in the subsequent events in note 9, the equity raising was successful and settlement of the placement and retail offer was on October 2 and October 23, 2019 respectively. The equity raised is to support both the acquisition of certain assets in Powerline Technologies Inc and the continued growth objectives.

Although the Company is not currently engaged in pursuing raising capital in addition to the equity raising announce din 27 September 2019, the dual listing on the NZX and ASX provides the Company with the potential option to pursue capital raise opportunities from a wider market in order to among other things; expand existing business, additional working capital, and acquire or establish new businesses. The Directors believe that additional capital could be raised should circumstances necessitate.

Click here to read the full press release.