One Click Group Sees Major Revenue Growth in Tax Lodgment Demand
1CG (1CG) Share Update July 2024 Tuesday 23rd
One Click Group Reports Significant Growth in Tax Lodgment Revenue
One Click Group Limited (ASX: 1CG) has announced a significant increase in revenue from its tax lodgment services, recording over $3 million in revenue year-to-date as of July 2024.
Instant Summary:
- Revenue from tax lodgments in July hits $2 million.
- Total revenue for CY24 to date reaches $3.1 million.
- 40% increase in revenue compared to the same period in 2023.
- Over 150,000 registered users on the One Click Life platform.
- Continued growth expected through the busy tax lodgment period ending in October.
Revenue Growth Details
One Click Group Limited has reported an impressive surge in revenue from its core business offering, One Click Tax. As of July 22, 2024, the company has recorded $2 million in revenue from tax lodgments, bringing the total revenue for the calendar year to $3.1 million. This marks a substantial 40% increase compared to the $2.2 million achieved at the same point in 2023.
The growth in revenue is attributed to the busy tax lodgment period, which is expected to continue through October. The company anticipates further revenue and user growth during this period, driven by the increasing demand for its fintech platform, One Click Life.
User Base Expansion
One Click Life has also seen a significant increase in its registered user base, which has now surpassed 150,000 users. This represents a 57% increase compared to the same time last year. The growing user base is a testament to the platform's success and its ability to attract both new and existing users.
Company's Outlook
The company remains optimistic about its growth prospects, with Managing Director Mark Waller stating, 'It's great to see revenue tracking to the growth in registered users we've seen on the One Click Life platform this year. We expect to deliver significant revenue growth on the prior period.'
One Click Group's strategy and fintech platform are proving to be effective, and the company aims to become a major profitable business in the near term, given the scalability of its business model.
The significant increase in revenue and user base is likely to positively impact One Click Group's stock price. Investors may view the company's growth as a strong indicator of its potential for future profitability. The continued expansion of the user base and the busy tax lodgment period provide a solid foundation for sustained revenue growth.
Investor Reaction:
Analysts and investors have reacted positively to the announcement, highlighting the impressive revenue growth and the expanding user base. The company's ability to scale its business model and attract a large number of users is seen as a key strength.
Conclusion:
Investors should keep an eye on One Click Group's performance through the remainder of the tax lodgment period. The company's strong revenue growth and expanding user base indicate a promising future. Staying informed about the company's progress and strategic initiatives will be crucial for making informed investment decisions.