The Board of Directors of Mdundo.com A/S has approved the company’s annual report for the period
Contains Inside information
Company Announcement Number 09-2022
Highlights:
Rapid User Growth:
At the end of the financial year, the group had 20.3m monthly active users, beating the original guidance of 18m for the month.
The biggest country was
Nigeria with a total of 4.9m monthly active users, followed bySouth Africa with 3.7m,Kenya with 2.8m andTanzania with 2.4m.
Development in Revenues:
Advertising revenue remained the dominating revenue stream:The revenue generated from advertising placed on Mdundo has increased by 165% from
DKK 2.25m toDKK 5.95m in comparison to the year endingJune 2021 .
Telecommunication partnerships fuel rapid growth in new revenue stream within 150m potential customers:The partnerships account for
DKK 1.31m in revenue for the financial period, or 18% of the total revenue for the period. The company announced as part of the IPO that subscription revenue is expected to account for 40% of total revenue in the future, which is still the case.
New License Agreements and Growth in the Music Catalogue:
The total number of songs available on Mdundo.com, directly uploaded to the service, grew by 43%, to a total above 400,000 songs.
Management announced a licensing agreement with
Universal Music Group , one of the leading music companies globally.Mdundo already has existing licensing agreements with
Warner Music Group and Believe Digital, which together deliver 1.7 million. songs that are available to Mdundo’s users.
Financial performance:
Revenue for the financial year was
DKK 7,2 million , which corresponds to 216% growth from 2020/21.EBITDA for the year amounts to
DKK -8,0 million , which is within latest guidance of negativeDKK 8-9 million for 2021/22, and significantly better than original guidance for the year of negativeDKK 10 - 11 million.The ordinary result after tax amounts to
DKK -9,7 million . Management considers the result for the year satisfactory and in line with Mdundo’s growth strategy and mission to be the primary pan-African music service within a few years and have 50 million unique monthly active users mid-2025.In connection with the listing on Nasdaq First North in
September 2020 , the company raised additional capital to support the growth journey. The net proceeds were approx.DKK 36 million and at the end of the financial year 2021/22, liquidity wasDKK 7,3 million plus aDKK 15 million deposit on the Company's tax account, which has now been paid to the Company’s bank-account..
Outlook:
Management expects an increase in revenue from
DKK 7.3m million in 2021/22 toDKK 13-16 million in 2022/23, while EBITDA is expected to be in the range of negativeDKK 7-8.5 million , as a result of an increased investment focusing on driving value per user through premium products and telco partnerships.For the financial year 2022/2023 management is expecting 25m monthly active users up from 20.3m in
June 2022 .Mdundo announced earlier in
June 2022 that it is aiming at 50m monthly active users as well as a positive EBITDA for the financial year endingJune 2025 .
Contacts
- Jesper Vesten Drescher, Bestyrelsesformand/Chairman of the board, +4523229900, ir@mdundo.com
About Mdundo.com A/S
Mdundo is a leading music service for
Mdundo.com A/S
Jagtvænget 2
2920 Charlottenlund
www.mdundo.com
Certified Adviser
Kapital Partner A/S
Jernbanegade 4
1608 København V
+45 89 88 78 46
www.kaptalpartner.dk
Attachments
- Download announcement as PDF.pdf
- Mdundocom annual report FY 2022-23.pdf
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