News and Announcements
Collaborate (ASX: CLB) Rides High On Team Members’ Performances
- Published November 02, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Collaborate registered a 26% increase in its quarterly earnings as against the same period in 2016, thanks to the strong performance of all its units.
- September 2017, was witness to the launch of DriveMyCar website which retired the entire Impreza fleet of cars and introduced 105 XV in their place. Despite the removal of a large number of vehicles, there was virtually no decline in business.
- Cash balance from the branches has been invested by the company in order to accrue interest rates during the forthcoming year.
When Collaborate Corporation Limited announced its Q1 report for the quarter gone by, it was evident that the company owed its success to the strong performance by each of the branches. Receipts showed an increase of 26%, ranking as the second highest for any quarter to date, and much of it was attributed to new launches as also the increase in revenue generated by the current branches.
First among the new introductions was in Victoria in form of RACV DriveMyCar website that occurred on 25th September 2017. This was followed by launching of a marketing campaign on 26th September in conjunction with Subaru. The deal also entailed adding of 105 XV variant to the existing fleet operated by Collaborate. Owing to having taken place during the latter half of the month, receipts from these launches did not impact the revenue in this quarter but are likely to have a significant bearing on the forthcoming quarters.
Significant development in the DriveMyCar subsidiary pertained to the 21% increase in the transaction value despite the retirement of Impreza fleet and the introduction of 105 XV models of Subaru. MyCaravan website, which is meant to cater to holiday season and summer traffic, intends to introduce an online search feature in December 2017, to balance the demand-supply scale.
Whatever Collaborate earned in terms of revenue by the end of September were invested in form of short-term deposits so that the company could acquire a high rate of interest on them. Another financial source for the company is the tax incentive that it receives owing to its R&D wing; however, this amount will be forthcoming only in 2018 March quarter.
About Collaborate Corporation Limited (ASX: CL8)
A leading ASX listed player in the sharing economy disrupting the car, caravan and equipment rental industries. Collaborate enables asset owners to generate income from idle assets by safely and easily renting them to others. We are embracing the trend from ownership to access and reinventing the way that assets are owned, monetised and used through partnerships with Uber, Subaru, Orix, Aon and Trivett Automotive.
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