Quickflix Limited, Australia’s leading online DVD rental and movie subscription company, has announced impressive results for the three month period leading up to 30 September 2009, with a 11 per cent growth in its paying subscribers.
According to Quickflix, the company has seen a continued growth in subscriber numbers as its paying subscriber base increased 11 per cent in the three month period to 33,059. This is a 31 per cent increase over the same period last year.
This rate of growth has exceeded that of the previous quarter and was in line with the company’s expectations.
Additional highlights for the quarter included revenue receipts of $1.74 million, operating payments of $2.18 million, net operating and investing cash outflow of $0.44 million, net cash at bank of $1.75 million and a successful completion of a $1.2 million rights issue following the $0.75 million placement in June.
“Momentum is building from the solid base established in the last financial year. Quickflix has increased its investment in growth to acquire new subscribers and expand its content library following completion of the recent capital raising, supporting further momentum growth,” said the company in a statement.
Quickflix highlighted that brand awareness is on the rise, conversion of web traffic to sign-ups is also increasing. Other factors which have contributed to the company’s growth are a range of new subscription offers, with lower price points and capped plan options, as well as increased partnership activities.
Overall the company is confident in its prospects for the future and it is predicting another strong result for the coming quarter, with a target of a further 10 per cent increase in paying subscribers.