News
11 December 2024
Australian smart locker provider TZ Limited (ASX: TZL) is continuing to expand its University client base across North America after installing its technology at Fairfield University, Connecticut.
Australian smart locker provider TZ Limited (ASX: TZL) is continuing to expand its University client base across North America after installing its technology at Fairfield University, Connecticut.
The 75 year-old university plays host to approximately 5000 students studying across 44 different majors, 16 interdisciplinary minors and 41 graduate programs.
Each semester the school manages the delivery of between 20 and 30 thousand packages, with queues to collect these items prior to the installation of the TZ system sometimes stretching 50 people long.
But the university’s assistant vice president of auxiliary services, Jim Fitzpatrick, noted those queues were reduced to as few as 3 students after the TZ SMArt Lockers were added to the campus.
The TZ SMArt Lockers also enabled students to collect their packages after the mailroom closes at 4pm.
“Just the fact that we did away with the lines and were able to increase the times where students could come and pick up their packages was a huge huge difference, especially in the pandemic,” Mr FItzpatrick said.
The lockers have also proven popular with students, with one describing the lockers as “a great addition to the school”.
“It makes getting your packages a lot easier, and it saves a lot of time out of your day,” she said.
Business delivers revenue growth despite pandemic
Although the coronavirus pandemic made deployment of TZ’s lockers more difficult, the company’s revenues for the first half of the 2021 fiscal year still came in 8% higher than the previous corresponding period.
The company recorded unaudited revenues of $8.6 million during the six month period, with net cash from operating activities for the second quarter of FY21 representing inflows of $0.1 million – a marked increase from the $1 million outflow recorded in the corresponding period last year.
The gains follow a number of key changes made within the business in recent months, including the appointments of chairman Peter Graham, Group CEO Scott Beeton and Group COO Simon Van Es.
The refreshed leadership team also led a restructure with a view to reducing fixed costs by $2 million dollars, which included the closure of the business’ Brisbane office, reduced salaries for executives and management, and prioritising capital expenditure on important product updates and global management systems.
“We remain confident that the changes that have been made will enable the business to achieve its stated goal of trading cash flow positive in the near term,” the business said in a statement.
“Attention is now being given to exploring various strategic opportunities with the focus of shifting the business in new areas of participation which will support rapid expansion and growth” they further added.”
To stay updated with the latest company news and announcements, please register your details on TZ Limited’s investor centre.
Reach Markets have been engaged by TZL to assist with private investor management.
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