MOQ posts $29 million revenue for the first half of 2017

MOQdigital's parent company MOQ Limited has signed a three-year contract with hotel operator Toga Group to increase its managed services footprint from 7 to 70 hotels worldwide. The contract also includes head office and development sites together with data centre operations management and 24/7 global service desk plus field services coverage.

The news comes as MOQ posts $29.4 million in revenue for the first half of the 2017 financial year ending 31 December 2016, a 75 percent increase on the same period for the previous year.

The company's revenue breaks down into professional services ($7.6 million), technology revenue ($16.7 million) and recurring services ($5.1 million), which was the area that grew the most, up 172 percent.

Net profit after tax was $862,000 and underlying EBITDA was reported as $1.9 million, excluding integration/transition expenditure.

In the financial results presentation filled with the ASX, MOQ stated its strategy to build, develop and acquire complimentary cloud-focused technology businesses.

The company is on track to post between $52 million and $57 million revenue for the full 2017 financial year.

The company will continue to focus on the integration of Tetran into MOQdigital and to invest in its Skoolbag roadmap and managed services channels and verticals. MOQ will also leverage its IP in the education sector.

In 2016 the company also entered a three-year contract with the Queensland Investment Corporation for a global network infrastructure and security project. MOQ also entered an enterprise wireless refresh project involving more than 140 Brisbane Catholic schools.

MOQ employs 200 people and is located across New South Wales, Queensland, Victoria, New Zealand and Sri Lanka.

In its first full year as a public company, MOQ posted revenue of $33.9 million for the 12 months to 30 June 2016.

In the 2016 financial year, MOQ completed its acquisitions of Tetran and Skoolbag. The $9 million acquisition of Tetran brought "immediate scale to the NSW operations", while the $3 million acquisition of Skoolbag brought 2600 customers and over one million users.