Dating provider DateTix has released its fiscal half year results, revealing that while revenues have skyrocketed by 572% since the same period the year before, net losses doubled.
DateTix’s interim report looks at the company’s financial status for the half year ending 31st December 2016.
The report shows that revenues rose by 572% from $114,546 in the comparable period last year to a whopping $769,845 in 2016.
DateTix has put this revenue increase down to its acquisition of Lovestruck and the organic growth of its matchmaking business.
UK premium dating brand Lovestruck was bought in July last year for 2m shares and an earn-out of over £154,000 ($270,000 AUD), as well as a cash consideration equivalent to Lovestruck’s existing net cash balance at settlement date.
DateTix’s interim report also reveals that the company has released 5,175,295 shares as part of a capital raising.
Each share was sold at $0.34 and raised a total of $1,759,600, which is expected to go towards expanding the company’s portfolio across the Southeast Asian and Greater China markets.
However, the acquisition of Lovestruck also came with some losses for DateTix – the company reporting net losses of over $2m, up from just under $1m the year before.
DateTix put this loss increase down to “costs of the Lovestruck acquisition, research and development, marketing strategy and executive salaries, to support and implement the strategy of the DateTix group.”
Revenue from discontinued activities was also down, the figure dropping from $444,801 to just $1,157 and net profit was down to the same figure (previously at $73,517).
This is because DateTix sold one of its consulting businesses in order to generate revenue to help grow its main on-demand dating property.
Michael Ye, DateTix founder and CEO, said: “The first half of fiscal year 2017 has been a transformative one for our company, with strong revenue growth driven by both strategic acquisitions and organic expansion.
“We successfully completed the acquisition of leading online dating platforms Lovestruck and Noonswoon, which significantly broadens our brand portfolio and makes us well positioned for growth and expansion across Southeast Asia and Greater China.
“We are excited about the strong revenue growth seen in our matchmaking business across our initial two stores in Hong Kong and Shenzhen, which provides validation of our hybrid online plus offline business model, whereby we leverage our large online user bases to upsell them premium matchmaking services to significantly increase our average revenue per user and ROI on marketing spend.
“Looking ahead to the second half of fiscal year 2017, we plan to grow our business across both online dating and offline matchmaking, including opening new matchmaking stores in London, Singapore and Bangkok.”
On Valentine’s Day this year, founder Michael Ye was named in the GDI Power Book – our list of the most influential people in the online dating industry.
To download the full GDI report please click here and to see DateTix’s full interim report please click here.