Investor Update - 23 November 2023

Overview

2023 has been another challenging year. However, now that the distraction of the legal challenges are behind, the teams will now be able to fully focus on the company growth strategy.

The management of Kilimanjaro, with the support of the Board, came to an agreement with MYOB on a new Business Partner Agreement as announced on 28 September 2023. Kilimanjaro is now fully focused on maximising the opportunities that are included in that new Business Partner Agreement.

The revenue, including annual renewable revenues in all our investee companies has continued to grow well. Datagate performed particularly well, growing revenues a further 20%.

The recently completed rights issue generated AU$1,100,948 and NZ$147,762, which met the expectation of the Board. The Board is grateful for the continued support of shareholders and especially want to thank all those shareholders that participated in the right issue.

At 31 October 2023, Enprise had cash at hand of $1.65 million and $0.95 million in drawn bank facilities. The Board appreciated the continued support of our banker, BNZ who have extended the repayment term of the term loan to 29 January 2024 while we continue to work with them on a renewal of the facilities on satisfactory terms as announced on 18 September 2023.

The Board remains focused on returning the Group to profitability. We believe that we are well positioned to maintain our position as MYOB’s largest partner, and to grow our installed customer base. Our MYOB Advanced (Acumatica) base has grown by over 30% in the past year. This, in addition to our growth in SaaS based investee companies, should enable us to return to profitability by year end.

Elliot Cooper
CEO
23 November 2023
0275615501

ENDS

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Announcement PDF