I’m delighted to present the CEO report for the fiscal year concluding on August 31, 2023.
We commenced the year fortified by a robust cash reserve exceeding J$250M, a direct outcome of our triumphant IPO and subsequent enlistment on the Jamaica Stock Exchange (JSE) Junior Market.
Having enjoyed three consecutive years of profitability from 2019 to 2022, buoyed by project-based revenues stemming from the surging demand for our services, we entered this year with a renewed strategic vision: to diversify our revenue streams. As such, our primary objective for the year crystallized: to channel investments into products/services poised to generate consistent monthly revenues, primarily through the launch of new product lines, specifically One Academy (comprising Students, Teachers, and Schools segments).
Throughout the year, we allocated over J$160 million to craft, source, and trial this groundbreaking solution, targeting its school rollout in the 2023/24 fiscal year. While our implementation timeline was meticulously planned, retrospective analysis reveals that adjustments were necessary due to unforeseen challenges encountered during our dialogues with stakeholders, governmental bodies, and schools.
The decision to invest in the One Academy for Schools solution is the result of years of research & development, along with stakeholder consultation, sped up by the sudden shock to our education system based on recent activities such as COVID and the availability of educators. Together with our partner institutions and industry stakeholders, we endeavor to create a new industry where our solution will become part and parcel of every classroom, from the youngest to the oldest students, ensuring quality education is accessible anytime, anywhere.
This report outlines our shift and what it means for you, our valued stakeholders. We aim for full transparency. Our eyes are set on a J$40M monthly net income from our main operations in the coming three years, with this year closing on an expected J$15M in monthly recurring revenues from this new strategy alone.