HAMILTON, Ontario, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company” or “Ackroo”), a loyalty marketing, gift card, payments and point-of-sale technology and services provider, has filed its financial results for the period ended September 30, 2020. The results for the nine-month period ended September 30, 2020 reflect 17% year-to-date year over year revenue growth and a 29% increase in subscription revenue over the same period in 2019. The Company also achieved a record $310,600 of positive EBITDA during the quarter representing a year over year increase of 24% and is at an all-time high of 22% of total revenues. The revenue and earnings growth are primarily related to the Company increasing subscription revenue by 29% year-to date and 10% over Q3 2019 which has led to an increased ratio of recurring revenue to one time revenue which is now at an all-time high of 84% of total revenues. Although Covid-19 had an impact on the Company’s one-time revenue it did not slow down the growth of the Company’s recurring revenue which is the main focus for the Company now and into the future.
“We are very happy with what we achieved in Q3 despite Covid-19,” said Steve Levely, CEO at Ackroo. “We were able to continue to grow our business and achieve record earnings without any government relief thanks to our strong focus on financial management. Our diversified approach to the market also assisted us as we delivered customer growth in our petroleum and hospitality business while maintaining our automotive business. Where we saw a decline was our retail business where we saw more attrition than normal in our small accounts. We increased our overall recurring revenue by 10% year over year which allowed us to deliver record earnings for the Company, however we did see a 54% decrease in our one-time revenue year over year leading to a small overall revenue decrease over the same period in 2019. We attribute the high retail business attrition and lower one-time revenue to Covid-19 as many businesses did not further invest in marketing initiatives to preserve cash and many retailers are struggling through the difficult times. We do expect this trend to change though especially as we head into our busiest quarter of the year. The holiday season is an opportune time for our clients to re-engage customers and to leverage our platform and services to drive growth. We are poised to help our clients succeed and expect a very strong close to the year for Ackroo.”
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