Over the last three years, Billmonitor's journey to change the telecoms market has gathered significant momentum.
Having grown revenues annually by over 100% since 2017/18, we were on the path to reach profitability in 2020. Then, Covid-19 hit, and, along with it, came significantly reduced growth during the lockdown period.
However, we have fought back to deliver over 30% of revenue growth for the first six months of the current fiscal year 2020/21, as well as growing our monthly recurring revenues by over 50%.
To ensure continued growth, and to bridge the gap prior to reaching sustainable profitability within the next six to 12 months, we have decided to apply for the Future Fund convertible loan scheme.
Along with our steadily growing revenues, Ofcom's recent Open Communications initiative, which emulates Ofgem’s radical reform of the energy market and the CMA’s Open Banking Initiative, offers huge promise for rapid growth in the consumer space.
We believe that it will take Ofcom around 12 to 18 months to implement the Open Communications initiative, which, once implemented, will be a real game changer for the mobile phone market. This will then allow us to multiply our consumer revenues and open the path to further strategic partnerships.
In the medium-term, our recently announced cooperation with Value Match, a specialist procurement consultant with longstanding relationships in the public sector, and the appointment of Terence Milner as our new Non-Executive Director, will allow us to significantly accelerate the signing of new clients in the public and third sector spaces.
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