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A leading fintech company has reported an 11.4 per cent increase in revenue amid a period of “significant transition”.
In a trading update last week, Rubik Financial announced its revenue for the full financial year to 30 June 2016 was $43.3 million, an increase of $4.5 million or 11.4 per cent up on FY15.
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The company said that these results mark its fourth consecutive year of double digit growth in revenue, with its operating cash flow also moving from negative 0.6 million to positive 1.0 million.
Rubik chairman Craig Coleman commented that he is pleased with the FY16 results as the company has delivered on performance expectations while undergoing “a period of significant transition”.
“The company has managed to transition to a blended onshore and offshore development and testing capability, has consolidated its data centre infrastructure and rationalised its corporate structure,” Mr Coleman said.
Mr Coleman explained that the company has achieved this while investing in its people and product capabilities, with a key focus on transforming its products into integrated solution platforms in order to provide customers with access to best practice foundations, innovation and scale regardless of their size.
In the trading update, Rubik also explained that the company continues to evolve, having undertaken a change in its operating structure segments from 1 July 2016.
“Moving forward, Rubik will focus on the areas of financial services, banking, and collections and international. This change reflects the ongoing transformation of Rubik and its transition from a product focused business to a platform solution focus — with dedicated resources to further enhance its offerings,” Rubik said.
Commenting on the past year, Rubik CEO Iain Dustan also said that he is pleased with the company’s results, remarking that it has been “personally satisfying” to drive the organisation’s significant transformation.
“These changes are allowing us to create and better manage opportunities that improve the underlying base of the business and provide greater shareholder value,” Mr Dunstan said.
Rubik’s revenue for mortgage solutions grew to $8.1 million in FY16, a $2.0 million or 33.8 per cent increase from $6.1 million in FY15.
Rubik said that mortgages contributed 19 per cent to the company’s overall revenue.
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