K2fly uses remote to switch off Covid-19

TECHNOLOGY company K2fly has credited the growing focus on the software as a service side of its business for sheltering the company from much of the negative impacts of the COVID-19 pandemic, because working remotely is a normal part of its operating model.

 RCubed software.

RCubed software.

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K2fly told the Australian Securities Exchange while most businesses had been affected by the changing environment it had been relatively easy for the company to shift fully to a work from home state and the software development teams in Australia and South Africa had been homebound since early news broke about the virus.

The company has still swung the axe and reduced personnel numbers to just 10, although it said it might look at availing itself of the government's JobKeeper programs.

Board members have also taken a pay cut while CEO Brian Miller will take home only half his salary until at least June 30, with some senior executives also putting their hands up for a pay cut.

Miller said travel, marketing, promotional and non-essential expenses had also been slashed.

K2fly supplies RCubed and Infoscope software to miners' and other customers around the world, with the company reporting positive third quarterly results on the back of new contracts and contract extensions with existing clients with $1.63 million in invoices, a 94% increase on the previous quarter.

Invoices for the year were also up 13% on the previous year to $4.75 million, compared to $4.15 million.

Miller said companies had to report their mineral resources and reserves under any economic conditions so implementation of previously announced RCubed and Infoscope contracts was continuing because installations could be managed remotely.

The contract wins with Golds Fields Australia, Newmont, South 32 and Vale and contract extension with Anglo Gold Ashanti brings K2fly's total SaaS annual recurring revenue to $1.8 million.

Miller said barring any major unexpected jolts K2fly should be cash flow positive in the next quarter.

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