Alcidion Appendix 4C – Quarter ending 30 September 2018 (Q1 FY2019)
Adelaide, South Australia – Alcidion Group Limited (ASX:ALC) today released its Appendix 4C Quarterly Cash Flow statement for the three month period ending 30 September 2018.
This is the first quarterly report for the Alcidion Group that includes MKM Health and Patientrack, following the completion of this acquisition on 3 July 2018.
The company delivered a positive operational cash flow for Q1FY19 of $221,000 compared to the prior quarter (Q4 FY2018: cash outflow of $70,000). Cash receipts from customers were $5.1 million, compared to $1.6 million in Q4 FY18.
Administration and corporate costs for the expanded group were almost double the previous quarter at $1.3 million, but included one-off M&A costs of $195,000. Staff costs for the expanded group were $3.0 million in Q1 FY19 (Q4 FY18: $0.9 million), which included the payment of annual bonuses. Staff costs are expected to stabilise at around $2.9 million per quarter moving forward.
Alcidion’s cash balance as at 30 September 2018 was $2.8 million which was $273,000 below the previous quarter due to investments of $326,000 in equipment and an initial payment of cash consideration relating to the acquisition of MKM Health.
“This is a very positive result for Alcidion which clearly demonstrates the impact of the MKM Health and Patientrack acquisition in delivering a strong uplift in quarterly revenue and improved cash flow,” said Alcidion Executive Chairman Ray Blight.
“It was particularly pleasing to achieve positive operational cash flow, despite incurring significant one-off costs relating to the acquisition.”