Ackroo Trumpets Record Revenue for ’18

By Baystreet Stocks to Watch

Here’s a good news story, on a day when news is either focusing on cold weather, downward prices… or nothing at all, for an American holiday.

Ottawa-based Ackroo Inc. (TSX-Venture:AKR) is popping its collective buttons with news of how it ended calendar year 2018. The company, a gift card, loyalty marketing technology and services provider, revealed unaudited record revenues of $4.48 million… a 63% increase over the previous year and representing a six-year cumulative average growth rate of 40% per year since the Company’s founding in 2012.

According to CEO Steve Levely, “2018 was a transformation year for the Company. For several years we have been working towards evolving from being a startup company dependent on investor capital to fund our operations to a growth stage company that is self-funded and poised for scale.

“In order to do this we had to fully integrate our 2017 acquisition of KESM/LoyalMark, we had to continue to develop and grow our organic business, and most importantly we had to continue to manage our costs so that we could deliver positive earnings.

“The Company delivered in all three areas which allowed us to finally fully pay off our debt to Dealer Rewards and position us for even bigger success in the years ahead.”

Shares in the company spiked two cents, or 18.2%, to 13 cents, on 215,000.

This article provided by NewsEdge.