LOVE GROUP GLOBAL LTD For personal use only
Love Group Global Ltd (ASX:LVE)
24 January 2022
Love Group reports second quarter FY22 results
- Quarterly customer cash receipts of $978k and net operating cash flow of $88k
- Quarterly customer cash receipts of $978k, up 20% quarter-on-quarter and up 31% year-on-year
- Ending quarterly cash balance of $1,406k, an increase of $87k quarter-on-quarter as a result of net operating cash flow of $88k and FX impact of -$1k
- Quarterly expenditure was in line with internal budgets and was focused on the following areas:
- Advertising and marketing expenditures of $409K
- Staff costs including salaries and commissions of $266K
- Quarterly customer cash receipts by city
- Hong Kong: $691k customer cash receipts for the quarter, versus $644k in the previous quarter, up 7% quarter-on-quarter, driven by higher consultation volume and average order value
- Singapore: $206k customer cash receipts for the quarter, versus $141k in the previous quarter, up 46% quarter-on-quarter, driven by higher consultation volume and average order value
- Bangkok: $82k customer cash receipts for the quarter, versus $26k in the previous quarter, up 217% quarter-on-quarter, driven by higher consultation volume
- Growth strategy
- Grow personal matchmaking revenue by increasing lead volume and consultation volume in both existing and new cities
- Grow online dating revenue by improving the Lovestruck app experience to convert more free users to paid users via membership subscriptions and virtual items
- Selectively expand into new cities using capital efficient go-to market strategy driven by scalable online marketing channels
For personal use only
For personal use only
Love Group Ltd (ASX:LVE) is pleased to present its quarterly cash flow report and operational update for the quarter ending December 2021.
Love Group Founder and CEO, Michael Ye: "We saw continued rebound in cash receipts in the second quarter of fiscal year 2022, primarily driven by higher consultation volumes in all three of our operating markets, partly as a result of lifting of COVID restrictions.
Looking ahead, we are hopeful that market conditions will improve to support strong consultation volumes, and we are continuing to improve our core Lovestruck dating app and website in advance of potentially scaling our business to new geographic markets that offer substantial revenue and EBITDA potential."
Cash position
Love Group had a cash position of $1.4 million as at 31 December 2021.
Payments to related parties of the entity and their associates
During the quarter, the Company made payments of $75k to related parties and their associates, of which $74k was for director fees and $1k was for superannuation.
For further information, please contact:
Michael Ye
Founder and CEO
- michael@datetix.com
About Love Group
Love Group is a leading provider of dating services, including personal matchmaking, online dating and singles events. The company is publicly listed on the Australian Securities Exchange under the ticker LVE.
The company's personal matchmaking services provide clients with custom matches recommended by the company's team of consultants and matching algorithms. The company currently has matchmaking offices in Hong Kong, Singapore and Bangkok.
The company's main online dating brand is the Lovestruck app & website, which primarily targets singles from age 30 to 60 that are seeking long-term, committed relationships.
For more information, please visit http://www.lovegroup.co
For personal use only
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
LOVE GROUP GLOBAL LTD (ASX - LVE) | |
ABN | Quarter ended ("current quarter") |
82 009 027 178 | 31 December 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 978 | 1,793 | |
1.2 | Payments for | |||
(a) | research and development | (49) | (80) | |
(b) product manufacturing and operating | (42) | (76) | ||
costs | ||||
(c) | advertising and marketing | (409) | (894) | |
(d) | leased assets | - | - | |
(e) | staff costs | (266) | (514) | |
(f) administration and corporate costs | (124) | (229) | ||
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | - | - | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | - | - | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | 88 | - | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) property, plant and equipment | - | - | ||
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 4C (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (6 months) | |||
$A'000 | ||||
2.2 | Proceeds from disposal of: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other (provide details if material) | - | - | |
2.6 | Net cash from / (used in) investing | - | - | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | - | - | |
3.2 | Proceeds from issue of convertible debt | - | - |
securities | |||
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of | - | - |
equity securities or convertible debt | |||
securities | |||
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | - | - |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period | 1,319 | 1,384 | |
4.2 | Net cash from / (used in) operating | 88 | - |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | - | - |
(item 2.6 above) |
ASX Listing Rules Appendix 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Love Group Global Ltd. published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:23:04 UTC.
