Revenues Up 364% - $725,109 Net Profit
Announcement posted by HarvestRoad 20 Feb 2004
HarvestRoad today announced it has achieved a first half maiden profit after tax of $725,109 after increasing sales revenue 364% to $4,175,472 for the half-year financial period ended 31 December 2003.
This increase in sales revenue was attributable to significant global sales in Latin America, United Kingdom and New Zealand.
The financial result is a significant improvement when compared to a net loss of $1,330,803 for the same period last year.
In March 2003 we commenced the worldwide commercialisation of the HarvestRoad Hive application and by 31 December we have achieved outstanding results, said founder and Executive Chairman, Grame Barty.
He added, We forecast full year sales of greater than $6m reflecting a 400% increase on last year and expect full year profits to exceed $2.0m, including increasing our cash reserves to in excess of $5.0m by year end.
Commenting on Hive, Mr Barty said, Our product enables learning institutions - universities, Government departments (specifically Education and Defence in the first instance) and corporates worldwide, particularly large corporations, the ability to capture, manage, copyright and reuse learning information from a central web based, digital repository.
This is not just about digital content for on line courses but rather all of the information that a knowledge enterprise holds maps, sound recordings, photos, historical records, research papers, thesis and so on, he said.
The largest challenge facing educational institutions over the next five years will be to keep pace with the demand for learning services, in an environment where funding for educational infrastructure is slowing. He added, Therefore, institutions must quickly establish new revenue streams.
Through HarvestRoads Hive application, institutions gain new revenue streams by efficiently owning and controlling the use of all their intellectual property. It means that they can be effective players in a globally competitive and increasingly online learning environment.
Commenting on the future demand, Mr Barty said, Hive is uniquely placed to provide this capability to institutions and we see strong demand for this application continuing in the future.
CRANFIELD UNIVERSITY CHOOSES HARVESTROAD HIVE.
Cranfield University has secured a major contract with the Defence Academy of the United Kingdom to provide a fully managed distance learning solution for Army Officers education, which will create a full e-learning design, development and delivery capability.
The University, in conjunction with the Defence Academy, have selected HarvestRoad Hive as its digital repository system and JGP Consulting as the implementation partner.
Cranfield University currently uses the Blackboard delivery platform and is the first UK academic institution to implement the HarvestRoad Hive Digital Repository System.
Stephen Town, Director of Information Services at Cranfield University, said:
HarvestRoad Hive provides an outstanding capability to capture, copyright and reuse learning objects developed jointly by Cranfield and the Defence Academy. It has demonstrated excellent workflow and collaboration tools and a strict adherence to open standards for e-learning.
The bureau sublicense capability also allows us to create individual agency ownership and administration while maintaining the cost benefits of shared infrastructure.
As importantly, we can rapidly and easily expand the capability of the system as our managed e-learning solutions evolve within the Defence Academy.
Founder and Executive Chairman of HarvestRoad Ltd, Grame Barty, expressed his delight at being selected by Cranfield University to support its UK MoD contracts, by saying:
We couldnt ask for a better partnering relationship than with these two prestigious institutions. The Defence Academys blended learning requirement is a text-book example of the need for best-of-breed, large scale, independent, digital repository systems.
Institutions are looking for powerful and flexible ways to manage their intellectual capital for local and remote students and we were pleased to be chosen after a rigorous evaluation process.
Cranfield University, RMCS
Cranfield University is one of Western Europes largest academic centres for strategic and applied research, development and design. Cranfield is unique among British universities as it recruits at exclusively postgraduate level. Cranfield Universitys Shrivenham campus is based at the Royal Military College of Science which is a constituent part of the Defence Academy of the United Kingdom, delivering a wide range of courses to both military and civilian students in science, engineering, technology, security and management relating to the Defence sector.
HarvestRoad Ltd
HarvestRoad is a software development company with its worldwide headquarters based in Perth, Western Australia. Established in 1996 and publicly listed on the Australian Stock Exchange (ASX: HRD) in September 1999, HarvestRoad has an established client base and has partners in Latin America, UK, USA, Holland, Australia, New Zealand, Singapore and Malaysia.
HarvestRoad has developed a fully standards compliant Federated Digital Repository System that enables the collection, management, copyright and reuse of any type of learning objects for the higher education, K-12, defence, government and corporate e-learning markets.
JGP Consulting Ltd
JGP Consulting is a solution orientated firm, which focuses on high quality strategic service delivery. JGP consultants are experts in their respective fields and are often considered by clients as trusted advisors. Their specialisations include electronic learning, information management, and community and business development for clients across the education, defence, police and retail sectors.
This increase in sales revenue was attributable to significant global sales in Latin America, United Kingdom and New Zealand.
The financial result is a significant improvement when compared to a net loss of $1,330,803 for the same period last year.
In March 2003 we commenced the worldwide commercialisation of the HarvestRoad Hive application and by 31 December we have achieved outstanding results, said founder and Executive Chairman, Grame Barty.
He added, We forecast full year sales of greater than $6m reflecting a 400% increase on last year and expect full year profits to exceed $2.0m, including increasing our cash reserves to in excess of $5.0m by year end.
Commenting on Hive, Mr Barty said, Our product enables learning institutions - universities, Government departments (specifically Education and Defence in the first instance) and corporates worldwide, particularly large corporations, the ability to capture, manage, copyright and reuse learning information from a central web based, digital repository.
This is not just about digital content for on line courses but rather all of the information that a knowledge enterprise holds maps, sound recordings, photos, historical records, research papers, thesis and so on, he said.
The largest challenge facing educational institutions over the next five years will be to keep pace with the demand for learning services, in an environment where funding for educational infrastructure is slowing. He added, Therefore, institutions must quickly establish new revenue streams.
Through HarvestRoads Hive application, institutions gain new revenue streams by efficiently owning and controlling the use of all their intellectual property. It means that they can be effective players in a globally competitive and increasingly online learning environment.
Commenting on the future demand, Mr Barty said, Hive is uniquely placed to provide this capability to institutions and we see strong demand for this application continuing in the future.
CRANFIELD UNIVERSITY CHOOSES HARVESTROAD HIVE.
Cranfield University has secured a major contract with the Defence Academy of the United Kingdom to provide a fully managed distance learning solution for Army Officers education, which will create a full e-learning design, development and delivery capability.
The University, in conjunction with the Defence Academy, have selected HarvestRoad Hive as its digital repository system and JGP Consulting as the implementation partner.
Cranfield University currently uses the Blackboard delivery platform and is the first UK academic institution to implement the HarvestRoad Hive Digital Repository System.
Stephen Town, Director of Information Services at Cranfield University, said:
HarvestRoad Hive provides an outstanding capability to capture, copyright and reuse learning objects developed jointly by Cranfield and the Defence Academy. It has demonstrated excellent workflow and collaboration tools and a strict adherence to open standards for e-learning.
The bureau sublicense capability also allows us to create individual agency ownership and administration while maintaining the cost benefits of shared infrastructure.
As importantly, we can rapidly and easily expand the capability of the system as our managed e-learning solutions evolve within the Defence Academy.
Founder and Executive Chairman of HarvestRoad Ltd, Grame Barty, expressed his delight at being selected by Cranfield University to support its UK MoD contracts, by saying:
We couldnt ask for a better partnering relationship than with these two prestigious institutions. The Defence Academys blended learning requirement is a text-book example of the need for best-of-breed, large scale, independent, digital repository systems.
Institutions are looking for powerful and flexible ways to manage their intellectual capital for local and remote students and we were pleased to be chosen after a rigorous evaluation process.
Cranfield University, RMCS
Cranfield University is one of Western Europes largest academic centres for strategic and applied research, development and design. Cranfield is unique among British universities as it recruits at exclusively postgraduate level. Cranfield Universitys Shrivenham campus is based at the Royal Military College of Science which is a constituent part of the Defence Academy of the United Kingdom, delivering a wide range of courses to both military and civilian students in science, engineering, technology, security and management relating to the Defence sector.
HarvestRoad Ltd
HarvestRoad is a software development company with its worldwide headquarters based in Perth, Western Australia. Established in 1996 and publicly listed on the Australian Stock Exchange (ASX: HRD) in September 1999, HarvestRoad has an established client base and has partners in Latin America, UK, USA, Holland, Australia, New Zealand, Singapore and Malaysia.
HarvestRoad has developed a fully standards compliant Federated Digital Repository System that enables the collection, management, copyright and reuse of any type of learning objects for the higher education, K-12, defence, government and corporate e-learning markets.
JGP Consulting Ltd
JGP Consulting is a solution orientated firm, which focuses on high quality strategic service delivery. JGP consultants are experts in their respective fields and are often considered by clients as trusted advisors. Their specialisations include electronic learning, information management, and community and business development for clients across the education, defence, police and retail sectors.