Ottawa-based Ackroo (TSX-V:AKR) continues to reap the rewards of its M&A strategies, reporting a substantial increase in third quarter revenues on Tuesday.
Revenues for the customer rewards and loyalty program provider crested $1 million for the three-month period ending Sept. 30, an increase of 74 per cent over last year. Subscription services accounted for $803,843 in the quarter, up 84 per cent from last year.
Over the first nine months of the year, Ackroo is reporting record revenues of $3.3 million, an increase of 72 per cent year-over-year.
OBJ360 (Sponsored)
Burovision is tripling the size of its downtown office, taking over the entire second floor of 300 Sparks St. as an ode to ‘people-first’ offices.
Integrating immigrants into the workforce fosters business and economic growth
To better understand the issues preventing business growth and economic stability, the most critical piece of the puzzle is often people.
The firm also says it recorded its highest-ever gross margin of 87 per cent on the quarter, the result of a greater number of one-time high-margin sales and growing subscription revenues.
Driving the revenue growth at Ackroo is an acquisition that closed late last year. The Ottawa-based firm purchased KESM/LoyalMark, which immediately expanded its reach into 2,400 stores.
Today, Ackroo’s solutions are found in more than 4,000 locations as the firm focuses on automotive, petroleum, retail and hospitality markets. CEO Steve Levely told OBJ earlier this year that the company is building out analytical applications for its software.
Despite a positive EBITDA, Ackroo posted a net loss of $328,987 for the quarter compared to a loss of $167,757 a year ago.
