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Vonex (ASX:VN8) Latest announcement hits the right tone
Vonex announced today (20 December) that it has hitapproximately 25,800 private branch exchange (PBX) registrations, up more than 26%YoY, and expects to break through 26,000 early in the new year with itsmarketing program in full effect.
We welcome this news. Earlier in the year VN8 announcedthat it had reached 24,000 registered PBX users as at the end of July and 25,000as at the end of October. This implied average growth of (only) 333 users permonth for the months of August, September, and October - this was below management’s guided growthrate of 500 users per month. Thus, thelatest print indicates that the monthly growth rate is back to ~500.
Looking into the second half of the financial year, weforecast that the growth rate in VN8’s registered PBX user base will acceleratesignificantly to over 2,000 per month by May 2019 on the back of an increasedmarketing drive, improved engagement with new and existing channel partners,and as VN8’s marketing and partnering agreement with CounterPath gains traction.We note that the December announcement referred to the recruitment of newbusiness development focused personnel and the commencement of online marketingto all States and Territories