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  • MediaValet (TSXV:MVP) has reported a record 77 per cent growth in revenue for the year ending December 31, 2019
  • However, operating expenses were also up 19 per cent to C$7.01 million
  • The financials come from a record year for customer acquisition, retention and expansion
  • Although EBITDA came in at a loss of $2.6 million, it was an improvement over 2018
  • MediaValet (MVP) is currently steady at $1.03 per share, with a market cap of $25.08 million

MediaValet (TSXV:MVP) has reported a record 77 per cent growth in revenue for the year ending December 31, 2019.

Headquartered in Vancouver, the company is focused on cloud-based digital asset management (DAM).

Total revenue for 2019 came to C$5.16 million, compared to $2.92 million in 2018. Gross margins were also up to 85 per cent, from 79 per cent the year before.

MediaValet says that these increases come as a direct result of continuous new feature development, sales and marketing strategies, and platform enhancements, such as Advanced Search and CreativeSPACES.

The company also cited an increase in sales volumes and improved operating efficiencies, as well as the implementation of new paid add-ons.

However, it wasn’t all smooth sailing. Operating expenses saw a 19 per cent increase to $7.01 million, compared to $5.92 million in 2018.

The greater outlay of cash was primarily driven by the previously mentioned increase in sales and marketing efforts. Costs associated with research and development also went up as MediaValet looked to improve its security initiatives and product features.

All in all, David McLaren, CEO of MediaValet, said 2019 was a breakout year for the company.

“We built upon our core enterprise Cloud DAM offering, adding new features and enhancements that make a meaningful difference for our customers, resulting in increased adoption and integration within customer environments.

“At the same time, DAM has rapidly progressed as a mission-critical part of the marketing stack, making our Cloud solutions increasingly must-haves, especially in the current environment where working remotely has become a requirement,” he said.

MediaValet (MVP) is currently steady and is trading at $1.03 per share at 11:39pm EST.

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