Revenue and earnings have surged as companies of all sizes rush to install technology to help manage mobile, geographically dispersed workforces.
Remote working has lit a fire underneath Elmo Software’s growth, its revenue and earnings surging as companies of all sizes rush to install technology to help manage mobile, geographically dispersed workforces.
Despite the solid growth numbers, the company’s net loss more than doubled to $79 million, with Elmo pointing to equity-based “earn out” expenses and share-based payments accounting for the bulk of that loss. But on Wednesday, investors cautiously rewarded the company, with the shares jumping 4.2 per cent to $2.96 in late trading.“Most of the growth was fuelled by organisations adopting software to manage an increasingly hybrid or remote workforce,” Elmo’s chief executive, Danny Lessem, said.
“We’re not really acquisitive at the moment, and because of the big correction in tech stocks, it would be quite dilutive to do an equity raise.”Breathe, a UK-based business acquired in 2020 that targets small and medium-sized businesses, lifted its annualised recurring revenue by 34 per cent to $12.1 million.
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