FOR IMMEDIATE RELEASE
(BRISBANE, AUSTRALIA – 27 January 2021) Sports, leisure and hospitality SaaS technology provider MSL Solutions Limited (ASX: MSL, “MSL”) is pleased is pleased to provide the Company’s Q2 2021 Business Update.
Q2 FY21, the Company delivered positive operational cash flow of $1.377 million, inclusive of $0.281 million in government subsidies results in H1 FY21 operational cash of $2.04m, inclusive of $1.197m in government subsidies. This represents a positive turnaround of more than $5.5 million from the corresponding period in 1H FY20.
Recurring revenue for H1 FY21 remained consistent between Q1 and Q2 FY21, following significant annual invoicing to the Australian venues business in June 2020 collected during Q1 FY21.
Non-recurring revenue is returning to pre-Covid 19 restriction levels within Australia with pipeline, orders, cash receipts and revenue all strengthening during Q2 FY21.
MSL capital options to support growth have been increased with the EFA facility. This is in addition to undrawn facilities in Australia ($1.02m AUD), Denmark (1m DKK) and UK (150k GBP).
MSL Solutions CEO, Pat Howard, said:
“MSL are incredibly pleased with the operational cash performance of the first half of FY21. The strong turnaround from the previous corresponding period has laid the foundation for a strong focus on growth in 2021. The initial signs of the SwiftPOS acquisition have surpassed expectation. The acquisition has enhanced MSL’s financial fundamentals, but also created a stronger technology roadmap, customer base, and broader reach through an extensive reseller network. The SwiftPOS acquisition has helped to position us to compete for enterprise customers, which should enhance the size and ease of completing larger deals. It has also provided us with a significantly stronger platform on which to engage in partnerships across golf and venues, in line with our growth strategy.”
“MSL’s advanced software, strong customer base and multiple points of contact with the customer give us strong confidence for 2021.”
About MSL Solutions Limited
MSL Solutions Limited (ASX: MSL) is a SaaS technology provider to the sports, leisure and hospitality sectors. We help some of the world’s most iconic venues around the world – stadiums & arenas, pubs & member clubs, sporting associations, golf federations and more – to deliver outstanding customer experiences during every engagement.
MSL develops and delivers fully integrated and modular systems that connect customers to venues through mobile and contactless entry, ordering and payment solutions. We seamlessly connect front-of-house to back-office, offering an end-to-end guest engagement platform which provides actionable insights on key success metrics to venues of all sizes.
MSL Solutions has over 5,000 customers with offices in Australia, UK and Denmark.