Listed bicycle dashcam manufacturer and distributor Cycliq (ASX: CYQ) has reported a strong financial year, finishing off FY18 with a bang.
The business, which sells dashcams specifically tailored for bikes, pushed up its annual revenue by 210 per cent to $4.9 million, and annual unit sales up 250 per cent to $27,000.
During the financial year, the company made a sustained push to enter new markets, like the USA and the EU, as well as bolstering its UK, Australian, and Asian markets.
Business News Australia spoke to Cycliq executive chairman Chris Singleton about how the company finished the year in such a strong position, as well as its plans for the future.
What did you do different in FY18 to get such a large increase in annual revenue & sales?Cycliq saw strong organic growth in our existing markets including Australia, the broader Asia Pacific and the United Kingdom due to the launch of our 'Connected Edition' products in December last year. We also strategically managed our stock run for the superseded models, which meant we saw growth from both models.
What were some key highlights of FY18?
We have had a busy twelve months, with the introduction of our new CE range in December last year, we also signed major distribution deals in the United States and the EU, which have strengthened our distribution channels.
APAC saw the most growth in FY18 but which market is your main focus for FY19?
Our major focus for the next year will be our expansion into the United States market, which is one of the largest markets for consumer electronics in the world. We have a dedicated US market strategy to build brand awareness and promote our products to US consumers.
Will you be targeting any new markets in FY19?
Our focus to date has been on cementing our competitive advantage in the cyclist market, and over the next year we will be extending our existing product lines to cater to the broader commuting market, so it's a case of realising the opportunity in key international markets which is supported by our consumer research and growing sales and distribution.
What else is in the future for Cycliq?
Cycliq's vision is to make it safer on the roads for everyone around the world and we have so much opportunity to focus our attention on, given the growing popularity of cycling around the world. The release of the new products last December and the commuter products in the coming year will really take us forward on the journey to making motorists more accountable for their behaviour when out on the road and realising the potential of this unique Australian innovation.
Business News Australia
Get our daily business news
Sign up to our free email news updates.