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Covata shows positive progress with cash receipts up 97% for first half of financial year

The global technology company is continuing the development of its products and deepening penetration into the European market.

A mass of data.
Covata is a leading provider of software solutions that enable continuous identification, classification and secure management of data across enterprise and the cloud

Covata Ltd (ASX:CVT) has shown positive signs of progress with cash receipts up 97% for the six months ending December 31, 2018, from the prior comparable period of 2017.

Cash receipts for the period were recorded at $618,000.

In a busy period, new features launched included extending the reach of its Eclipse data security product from SharePoint and implementing ByzGen blockchain technology into Covata’s existing data security platform.

This was done to deliver data and access control immutability, as well as real-time audibility.

READ: Covata completes convertible note issue and share purchase plan amid dataglobal acquisition

Covata managing director and chief executive officer Ted Pretty said: “The underlying Covata business continues to show positive signs of progress.

“Management is pleased with the growth in revenue and cash receipts in both the Australian and international markets, driven by increased awareness of data security requirements and GDPR.

“The company is now focused on building scale and deepening penetration into the European market, which may include the major transformational acquisition of dataglobal GmbH.”

READ: Covata pursuing major acquisition of dataglobal GmbH

The company delivered half-year revenue of $582,000 down 12.43% on $665,000 in the prior period.

If AASB 15 had been adopted during the half year ending December 31, 2017, the revenue reported for that period would have been $512,000, up 14% as reflected on a normalised basis in the table:


READ: Covata extends share purchase plan, trading update scheduled

The second half of the year will see some refinement of these developments and continued focus on strategic priorities:

  • Building out the data security console - The core solution will be completed, and further extensions will be developed in conjunction with our key customers to provide further insight to business owners and risks managers developed; and  
  • Broadening protection and refining user experience through integrations – This will include discovery and protection for Exchange Email and a wider range of cloud applications and repositories with development priorities being driven by feedback from customers on where they have limited visibility and control over sensitive data. 

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