Dubber says all clients retained despite tumultuous FY24
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The news: Call recording software company Dubber says it has continued to grow recurring revenue in October, with a new market plan underway after a tumultuous FY24.
The numbers: Dubber shares are up 5.6% to 1.9 cents in early trading on the ASX, but are down more than 74% over the past 12 months.
The context: Dubber chair Neil Wilson said the company had managed to retain all its client partners despite the challenging circumstances earlier this year. The company lifted revenue by 30% in FY24 but fell short of its full-year guidance.
The company sacked former chief executive Steve McGovern earlier this year after discovering that he and a third party trustee were alleged to be involved in the unauthorised use of $26.6 million in missing company funds, which prompted an investigation by the corporate regulator and an emergency fund-raising by the company.
Wilson noted in his address to the company's annual general meeting today that the funds remained unaccounted for as the investigation and actions for their recovery continued.
New CEO Matthew Bellizia said the company has increased constant currency recurring revenue in October and is preparing a new marketing plan to help customers increase their sales.
The source: ASX announcement
