Vonex announced on 25 February that it reached a record 27,000 registered Private Branch Exchange (PBX) users as at 21 February 2019. This represents an increase of 1,000 users over the past four weeks (26,000 as at 25 January 2019). The number of new Channel Partners has also increased to 45 YTD (vs 38 as at end January; Vonex maintains a target of 100 new Channel Partners by the end of the financial year

State One comment: Feb growth in users above our forecast

In our research note “Approaching inflection point”, 8 February 2019, we forecast that subsequent to the Dec/Jan holiday season, growth rates in the PBX user base would accelerate significantly. The latest announcement indicates that this has indeed occurred; the month-on-month increase of 1,000 in February is significantly higher than the average monthly increase of 333 seen between August 2018 and January 2019. See chart below. Note: the 1,000 increase is 500 above our original forecast increase of 500 in February. As a result, we have revised up our forecast end-June 2019 user base to 33,500 (33,000 previously). With some 55 new Channel Partners expected to be onboarded over the next four months, we suggest that the growth rate in new users will continue to accelerate.