essDOCS reports first half results ahead of forecast, with record revenue growth for the period
St Julian's, Malta, 31 July 2018: essDOCS, the leading enabler of paperless trade, announced today that it reached break-even on a cashflow basis in Q2 2018 and is on track to deliver substantially improved cash generation and a positive EBITDA run rate for 2018. This follows strong first half revenue growth and the successful completion of a rightsizing initiative.
essDOCS also completed a small fundraise in Q1 2018, broadening its shareholder base with strategic investors such as Disruptive Data Corporation, the investment arm of London-based private equity firm Disruptive Capital Finance, and the Cycladic Group, an investor in, and creator of, businesses.
The first half of 2018 saw strong revenue growth from CargoDocs, the Company’s electronic documentation platform, which grew 20% year-on-year, and essCert, its electronic certificate of origin platform, which reported growth of approximately 13% year-on-year. Growth was driven by new sales, as well as higher than expected revenues from the existing user base, as transaction volumes increased.
Commenting on the company’s progress, essDOCS co-founder Alexander Goulandris said: “We have had a solid start to 2018, and we plan to use this momentum to accelerate growth significantly in the second half of the year through key customer acquisition and by cementing strategic partnerships."
The statements contained in this press release may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
essDOCS enables paperless trade. Its solutions digitize and automate paper-heavy processes, including: online creation / approvals of all export docs (CargoDocs DocPrep+), data extraction and structure from paper docs and back-office automated checks (CargoDocs Auto-Document Processing), end-to-end eDocs management for key trade docs such as electronic Bills of Lading and Warehouse Warrants (CargoDocs DocEx) and application/issuance of electronic Certificates of Origin (essCert). Over 37,000 companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions across 203 countries.