K2fly Limited (ASX:K2F) raised invoices of around A$1.49 million in the June quarter representing a 52% increase on the prior June quarter in FY18.
Total invoices raised for FY19 were around A$4.18 million which is an increase of more than 62% compared to the A$2.57 million raised in FY18.
These results for the quarter reflect that K2F’s current operations are steadily moving towards achieving its objective, which is to grow revenue and move to net positive cash flows.
The company sells its own software (RCubed and Infoscope), resells third party’s software, and provides experienced consultants to clients using the software.
Many of K2F’s clients are tier one companies from various sectors including resources and energy such as Fortescue Metals Group (ASX:FMG).
READ: K2fly Limited continues revenue growth with largest month to date
K2F recently completed the acquisition of RCubed, a resource governance software solution from South Africa.
RCubed’s major clients are Teck Resources, Anglo Gold Ashanti and most recently it won a new client in the form of Imerys from France.
The acquisition complements K2F’s governance software Infoscope, which also targets the resources sector.