ReadCloud Share Price Rises 11.27%

In its recent media report, ReadCloud Ltd [ASX:RCL] displayed a wide variety of positive figures on sales and user growth throughout the beginning of 2018.

ReadCloud, a software company that provides digital e-reading platforms to children, have announced that they have gone through a significant increase of enquiries from new schools.

These positive results have grown ReadCloud’s share value by 11.27% in a single day, at time of writing.

Strong growth across multiple fronts

In the climax of April, ReadCloud held 50,207 contracted users which was spread out over 70 schools.

This helped increase the percentage of users over the course of 12 months.

ReadCloud are aware of the strengths its platform harbours. As a result they have focused in further developing the app to grow its relevance.

In an ASX announcement, ReadCloud stated:

The Company has experienced strong growth in the Queensland Secondary school sector in particular, and are now servicing numerous secondary schools in Brisbane, Cairns and rural Queensland. This is a direct result of ReadClouds strategy in its direct sales business which focuses on Book Hire schools.

The development of the platform has opened up many new opportunities for ReadCloud which allows them to expand its band while creating new opportunities to its direct sales platform in new states.

Right now, ReadCloud are focused on future expansion.

They have identified new hiring opportunities in their sales and marketing teams, which will contribute to the awareness of its product.

ReadCloud’s direct sales opportunities have already expanded leading up to its share increase.

Its strong sales pipeline will only expand if they follow through with the format they have now.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

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Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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