Vault Intelligence Ltd (ASX:VLT) has achieved a 76% year-on-year growth in contracted annualised recurring revenue (CARR) to $1.75 million for the financial year 2018 (FY2018).
The company’s SaaS (Software as a Service) business delivers solutions in the Risk, Environment, Health and Safety (EHS) sector.
FY2018 has been a remarkable year with Vault delivering record results in the two areas of performance criteria used by the company to monitor business performance - cash receipts and CARR.
Cash receipts for the final quarter of FY2018 saw the business break through the $1 million barrier of cash received from customers for the first time, primarily from sales of Vault 3 (V3).
Vault delivered on its $4 million CARR market forecast made 12 months prior in spite of delays in the upgrade of the enterprise platform to the new flagship V3.
The company has been aggressively pursuing improvement to its mobile suite of products which will be delivered into FY19.
READ: Vault Intelligence launches new Vault Solo product line
Vault recently launched its new, market-disruptive product line Vault Solo in collaboration with Samsung.
Solo is a refined workforce management ecosystem designed to protect and manage workforces, while also adding time-saving and productivity tools to complement the core product across a variety of mobility devices.
Vault Solo pre-sales interest has continuing momentum with new and existing customers committing to both the purchase and conduct of trials.
The successful trial and deployment of Vault Solo across the current client base and potential new large customers are expected to accelerate in the first and second quarters of FY2019.
In line with sales growth and product development the company has had to add more staff and notably sales support, developers and customer success program personnel.
Vault ended the financial year in a strong position with $3 million in cash and receivables.