Silicon Valley start-up 1-Page Limited (ASX:1PG) released half year results showing a loss of $8.5m which was partially due to share basement expenses of $5.8m.
For the half year period ending 31 July 2015 1-Page generated revenue of $159k, a 70% increase compared to the previous corresponding period. The net loss increased to $8.5m which compares to a loss of $804k in July 2014. The loss per share equates to 6.47 cents per share.
1-Page provides cloud-based human resources Software-as-a-Service platform which enables companies to source and hire employees. The San Francisco-based online recruiter is the first Silicon Valley start-up to list on the ASX.
After surging on its debut on the ASX in October 2014, 1PG has experienced an unmatched growth story in the past 12 months. Listing at 20 cents 1PG has increased 22-fold since its listing and was last traded at $4.60. The stock is up ~290% year-to-date which compares to a 7.2% fall on the ASX. The Company’s current market capitalisation exceeds $600m.
In mid-July 1-Page launched the second version of its platform and deployed all clients successfully. Throughout the year 1-Page signed several multi-billion dollar companies such as Amazon or Accenture, which has been one of the drivers of the share price. The Company has $10m cash on hand following several successful capital raisings.
The directors stated in their report: “During Q2 1-Page’s active pipeline grew by 30% to more than 240 companies with 1000+ employees with more than 15% of these companies reviewing a proposal from 1-Page. 1-Page also made significant progress in establishing a number of strategic partnerships.”
Whilst one could argue that 1PG should presently not be valued at $600m, it is certainly good for the ASX that a Silicon Valley tech start-up has listed on the ASX. A continuation of the trend is possible which would attract additional investors and start-ups to eye Australia.