Australian fintech company registers record growth despite COVID chaos

As the rest of Australia begins to return to normalcy, Registry Direct (ASX: RD1) CEO Steuart Roe is gearing up for something special.

As the rest of Australia begins to return to normalcy, Registry Direct (ASX: RD1) CEO Steuart Roe is gearing up for something special.

Steering his ship through a year of unexpected challenges, the veteran money man managed to not only deliver on earlier promises of growth but actually set records for new client acquisitions in the September quarter.

During that three-month stretch, the company – which provides share and unit registry services and runs Australia’s only software as a service (SaaS) registry management platform – added a record-breaking net 96 new registries to its fee-paying client base.

Mr Roe said the additions represent a strong step in the right direction as the business seeks to scale up and expand, while the company’s quarterly report described the 96 registry boost as the “greatest sales growth over a quarter” since the business was founded.

“By comparison, it took approximately three and a half years to secure the firm’s first 96 fee-paying registers,” the report noted.

Sales growth over time

Source: Registry Direct ASX Announcement, AGM Presentation 2021

Off the back of this growth, the company is projecting revenues for unlisted entity platform fees of almost $600,000 for the 2021/22 fiscal year – a significant step up from the roughly $350,000 it brought in last year.

Unlisted entity platform fees

Source: Registry Direct ASX Announcement, AGM Presentation 2021

Mr Roe is confident the business can continue its growth as business registrations grow and demand for registry services increases.

In addition to the strong growth in clients and revenue, the company reported that its receipts for the quarter were up 28% compared with the prior corresponding period.

Registry Direct also raised $700,000 over the past three months through the issue of Ordinary Shares at a price of $0.015.

The company also received $256,729 in R&D tax incentive grants, slightly more than the $250,000 the company initially expected. 

Registry Direct’s growth comes amid a period of expansion for the global share registry services market, which is expected to grow at a compound annualised rate of 8.19% to reach US$4.8 billion by 2028.

Registry Direct CEO Steuart Roe will be holding an investor briefing on Thursday, 11th November, at 11am (AEDT), where he will provide an update on activities and plans for future growth. Click here to register for the briefing.



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