New Zealand Stock Exchange listed Lateral Corporation (NZX: LAT) — a provider of direct carrier billing services that claims to provide the paid voting services for “virtually all New Zealand’s interactive TV events — says subscriptions have grow from 2,000 to 3,000 in less than a month, from 9 September.
Lateral CEO, Roger Grice, said: “Our objective is 4500 subscribers before February next year. Our current growth rate is more than double our expectations and we will reach break-even earlier than previously announced.”
He added: “Our current average revenue per user in the Australian market is $NZ22.50 per month. We expect to exceed this as we open up activity in the UK market in October.”
Lateral’s directors have announced their intention to offer current shareholders the opportunity to increase their investments through a share purchase plan. The company expects proceeds from this will fund it into positive earnings. This, it says, will allow it to market more aggressively in Australia and the UK.
Lateral claims to be a pioneer in marketing of goods and services using direct carrier billing (DCB), where the products are charged directly to the customer’s phone account or prepay balance via a secure connection to the mobile phone companies billing system.
It says DCB is “considered the most effective digital payment method available today [and] is expected to grow rapidly to a market size of $US24 billion, by 2019.”