WebSpy Ltd bucks trend to report 210% sales rate increase

WebSpy Ltd, a Perth-based developer of Internet monitoring and management tools, has announced a current sales rate increase of 210% over the previous year, despite current world economic conditions.

At the end of October 2001, and just one-third into the current financial year, sales of the WebSpy product range, including maintenance subscriptions and renewals were at 70% of the past financial years total.

This is significant as over the same period to the end of October, operational expenses and cost of sales have been reduced.

Last financial year WebSpy product sales amounted to a total of $456,000, while sales of the WebSpy product range are currently at $342,000, with the figure expected to be at half a million dollars by the second quarter ending December 2001, says WebSpy CEO Jack Andrys.

While the current sales rate increase of 210% over the previous year, positions the WebSpy business unit to return revenues of $1 million, Andrys, however, expects $1.5 million. This, he says, would be in line with last years growth patterns where two-thirds of the years total revenues came in the second half of the financial year.

Sales of WebSpy have continued to grow as a result of the increasing brand awareness for the WebSpy product range and improvements introduced in the past six months resulting from customer feedback, says Andrys. This has brought the features and benefits of the software more in line with the needs of growing market segments, and helped companies looking to improve productivity, reduce legal liability and improve security.

The software is designed to be implemented for a small investment in time and dollars but goes on to save users thousands of dollars by helping to increase productivity and reduce IT costs, says Andrys. He points out that the WebSpy business unit represents some 50% of the companys revenue expectations during the current financial year.

WebSpy, he says, has enjoyed growth in sales around the world, especially in the North American market, where it recently launched operations.

Sales of WebSpy software have continued to grow at a rate that indicates the company is firming up its ability to distribute products overseas, says Andrys. With five quarters of consistent sales growth the WebSpy business unit is favourably positioned to achieve its target of $1.5 million in sales for the year.

Andrys is confident that once the economy picks up, sales growth will be accelerated yet again and the companys products will take a greater share of a market that is still far from mature. Other activity, such as selective marketing and new product releases over the next nine months are also expected to assist revenue growth during the rest of the financial year and into the next.

About WebSpy Ltd
WebSpy Ltd (ASX:WSY) (www.webspy.com) is a Perth-based developer of Internet access monitoring and management tools. The company was started in 1994. It now also boasts offices in Seattle and London and is enjoying international sales success with its WebSpy family of products. These include:
WebSpy Live: Real-time Internet monitoring and management.
WebSpy Sentinel: Full content data capture device.
WebSpy Analyzer: Historical analysis and reporting tool.

Sydney-based IT security and communications software distributor Janteknology (www.janteknology.com.au) is the companys exclusive distributor for Australia and New Zealand.