Shares of human resources technology company 1-Page Ltd (ASX: 1PG) jumped more than 4.5% this morning after it released an update on its operations for the three-month period ended 30 April, 2015.
During the quarter, the company remained cash flow negative by $1.89 million, although it ended the period with nearly $11.3 million in cash, with monthly costs of $630,000. It said that it had enjoyed 100% retention of clients across product offerings while its database had experienced unprecedented growth, jumping from 820 million profiles to 1.15 billion.
Meanwhile, it also said that the 1-Page Sourcing and Referral Platform provides 350% more potential candidates than any other sourcing network in the world, thus proving its value to clients.
The company said that it is "extremely focused on signing and deploying 125 clients in 2015 by integrating with the largest enterprise companies in the world which are hiring thousands of employees a month." While Amazon.com, Inc. and Sears are amongst the big-names already on its client list, it said that long-term renewal conversations are already in process and it is confident in delivering significant renewals over the next two quarters.
In October last year, 1-Page became the first Silicon Valley company to list on the Australian Securities Exchange as a result of a reverse takeover of InterMet Resources Limited. After having made its debut at just 34.5 cents, the stock skyrocketed 564% to a high of $2.29 but has since retreated to trade at $1.60 today, with a market capitalisation of roughly $119 million.
The Fairfax press recently quoted 1-Page co-founder and chief executive Joanna Weidenmiller as saying: "People in the tech scene in Silicon Valley think it is strange we are listing in Australia, but when we explain all the advantages (e.g. research and development tax concessions) they think it's a genius idea… We have a goal to become a US$1 billion NASDAQ-listed company, and I want to still own a fair slab when we get there."
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