Velpic achieves record quarterly revenue

Velpic Limited (ASX: VPC) has reported “record breaking” revenue growth for the September 2017 quarter, up 156% on the same period in 2016.

Workplace training provider, Velpic has developed a Video eLearning platform in the cloud, which it claims offers “innovative workplace training” in workplace inductions, compliance and safety.

According to the company, its eLearning platform can reduce training administration time by 85%, while reducing overall training time by 60%.

In addition to achieving “record breaking” revenue of A$539,000 for the September quarter, Velpic also had its highest number of monthly active users and lessons completed during the period.

Velpic attributes the record sales and lessons to a restructure of the sales and marketing team during the June quarter.

“The Velpic Sales & Marketing Team has set a new baseline for performance this quarter and has underlined the growth possible for Velpic in a rapidly expanding market place,” Velpic chief executive officer Russell Francis said.

The company claims its platform has global potential to “disrupt the traditional learning management system marketplace”.

Velpic’s clients span an “extensive list” of companies in the ASX 200, including AHG Automotive Holdings Group, SCEE Engineering, Coffey, Aquatique and CV Services Group.

One of Velpic’s largest clients, AHG Automotive Group used the eLearning platform for its workforce induction, compliance and safety training. After using the platform, AHG reported an 85% decrease in training administration and $10,000 in annual savings.

In addition to its video eLearning platform, Velpic owns Dash Digital, which provides full service digital branding, marketing, web and app development.

At the end of the quarter, the company had A$2.37 in cash to fund further growth.