Australia's Felix Group jumps on strong annual recurring revenue growth

Felix group

25/10/2022 01:24

** Shares of Australia's Felix Group  FLX.AX  rise as much
as 4.17% to A$0.125, biggest intraday pct gain since Oct 18
    ** Procurement management platform operator announces A$2.9
mln ($1.83 mln) Contractor Annual Recurring Revenue (ARR) in the
first quarter of FY23, representing a 26% jump pcp  urn:newsml:reuters.com:*:nASX3k2pDy
    ** Says total Group ARR of A$4.7 mln; increasing 12% on pcp
    ** Adds that two expansion deals signed in Q1 FY23 with the
majority of existing customers licensing two modules,
highlighting the significant expansion revenue opportunity
    ** Stock has fallen 61.9% this year as of last close
($1 = 1.5805 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))