LOVE GROUP GLOBAL LTD For personal use only
Love Group Global Ltd (ASX:LVE)
18 July 2022
Love Group reports fourth quarter and FY22 results
- Quarterly customer cash receipts of $848k and net operating cash flow of $56k
- Quarterly customer cash receipts of $848k, down 2% quarter-on-quarter and up 23% year-on-year
- Ending quarterly cash balance of $1,416k, an increase of $18k quarter-on-quarter as a result of net operating cash flow of $56k, net investing cash flow of ($3k) and FX impact of $65k
- Quarterly expenditure was in line with internal budgets and was focused on the following areas:
- Advertising and marketing expenditures of $356K
- Staff costs including salaries and commissions of $292K
- Quarterly customer cash receipts by city
- Hong Kong: $582k customer cash receipts for the quarter, versus $550k in the previous quarter, up 6% quarter-on-quarter, driven by higher consultation volume
- Singapore: $223k customer cash receipts for the quarter, versus $260k in the previous quarter, down 14% quarter-on-quarter, driven by lower consultation volume
- Bangkok: $43k customer cash receipts for the quarter, versus $52k in the previous quarter, down 17% quarter-on-quarter, driven by lower consultation volume
- Annual results summary for FY22
- Global: $3,503k customer cash receipts in FY22, up 14% year-on-year vs. $3,062k in FY21, with net operating cash flow of ($12k) in FY22 versus ($96k) in FY21
- Hong Kong: $2,467k customer cash receipts in FY22, up 16% year-on-year vs. $2,129k in FY21
- Singapore: $829k customer cash receipts in FY22, up 8% year-on-year vs. $771k in FY21
- Bangkok: $203k customer cash receipts in FY22, up 47% year-on-year vs. $139k in FY21
- Growth and expansion strategy
- Grow dual revenue streams across personal matchmaking and online dating in existing markets of Hong Kong, Singapore and Bangkok
- Selectively expand into new markets using capital efficient go-to market strategy powered by scalable online marketing channels, primarily Google and Facebook
- Potential target new markets in FY23 include New York, London and Sydney
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 and year ending June 2022.
Love Group Founder and CEO, Michael Ye: "We returned to operating cash flow profitability in the fourth quarter of fiscal year 2022, driven by a rebound in our Hong Kong business concurrent with the easing of certain COVID restrictions. Looking ahead to fiscal year 2023, we are hopeful that continued relaxation of COVID policies in our target markets will drive a rebound in consultation volumes. We are also excited about potentially expanding into new markets such as New York, London and Sydney, while pursuing a dual revenue strategy of personal matchmaking and online dating via our Lovestruck brand."
Cash position
Love Group had a cash position of $1,416k as at 30 June 2022.
Payments to related parties of the entity and their associates
During the quarter, the Company made payments of $89k to related parties and their associates, of which $88k 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 provides personal matchmaking services that offer clients bespoke matching recommended by the company's team of consultants and the company's proprietary matching algorithms. Love Group currently operates matchmaking offices in Hong Kong, Singapore and Bangkok.
The company also provides online dating services through the Lovestruck app and website, primarily targeting 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 | 30 June 2022 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (12 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 848 | 3,503 | |
1.2 | Payments for | |||
(a) | research and development | (54) | (199) | |
(b) product manufacturing and operating | (35) | (148) | ||
costs | ||||
(c) | advertising and marketing | (356) | (1,690) | |
(d) | leased assets | - | - | |
(e) | staff costs | (292) | (1,095) | |
(f) administration and corporate costs | (61) | (391) | ||
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 | 6 | 8 | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | 56 | (12) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) property, plant and equipment | (3) | (6) | ||
(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 | (12 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 | (3) | (6) | |
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 | 1,298 | 1,384 | |
4.2 | Net cash from / (used in) operating | 56 | (12) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (3) | (6) |
(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. |
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Love Group Global Ltd. published this content on 17 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 July 2022 22:33:03 UTC.
