Cycling dashcam and lighting specialist Cycliq has posted a 210% increase in annual revenue and 250% uptick in unit sales like-for-like.
Detailed within its Appendix 4C Quarterly Report for the quarter ending June 30th, 2018, Cycliq revealed improving average unit sales revenue (up 29% year on year for the quarter) and increased revenue, rising to $5M.
Q4 sales consolidated at 6,776 units after strong pre-order performance for the ‘Connected Edition’ flowed into Q3 sales (8,631 units). Strategic distribution of the superseded models of core products was completed in H2 through a deal with Wiggle to purchase all remaining stock of the Fly 12 and Fly6[v] direct from Cycliq.
The astonishing growth has, in part, been generated from new export deals, an area where the business expects further expansion. A major U.S. marketing campaign, part of a 18% increase in promotional spend in FY18, has helped further establish the brand in North America where the label enjoyed a 31% growth like-for-like.
Continued growth is expected to come from further expansion into newly-entered markets (USA, EU) as well as in existing UK, Australian, and Asian markets (Korea, Japan, Taiwan, Singapore).
In Europe, the commercial value of sales grew by 31% led by sales to urban cyclists, many of whom are using the devices as an insurance policy against incidents on the roads.
The improving operating position has been further supported by the introduction of a trade finance facility of up to $2M for stock purchasing; funding the major operating outflow for the business and freeing up working capital to support FY19 growth objectives.
New product launches for FY19 will play on the firm’s strengths in the urban and utility segment where it sees mass market consumer appeal.
Q4 & FY18 Highlights
- 210% increase in annual revenue to $4.9M
- 250% increase in annual unit sales to 27k
- 209% increase in revenue for Q4 FY18 compared to Q4 FY17
- 52% increase in H2 FY18 revenue compared to H1 FY18
- 29% increase in average unit sales revenue for Q4 FY18 compared to Q4 FY17
- 60% reduction in EBITDA loss in H2 FY18 to $0.69M