Novatti Group Limited Announces Unaudited Sales Results for the Year Ended June 30, 2016; Provides Earnings Guidance for Fiscal 2017
July 29, 2016 at 02:34 am
Novatti Group Limited announced unaudited sales results for the year ended June 30, 2016. For the period, the company reported total revenue of $4.9 million, up 58% compared with $3.1 million for fiscal year 2015 and continues to show solid growth trajectory of Novatti's various revenue streams. Importantly, transaction processing revenue - revenue derived from Novatti collecting a percentage of the total transaction that is processed on any of its payment platforms has been steadily increasing over the quarter.
The company's cash burn expected to fall significantly from second quarter of fiscal 2017 following significant milestones in its expansion strategy being achieved.