GCIGood Life Plus reports 240% surge in recurring revenues for FY23/24 as subscribers soar past 30,000
() , an innovator in the luxury prize draw and rewards sector, announced its final results for the financial year ended January 31, 2024. The results cover the 16 months since the company's listing on AQSE in September 30, 2022.
Good Life Plus reported substantial growth in revenues and profits over the 16-month period. Turnover increased to £2.4m from £0.753 in September 2022, and gross profit was £1.7m from £0.082m 16 months ago. Net loss widened to £3.9m as the business expanded rapidly during the period.
The group generated £150k in monthly recurring revenue (MRR), reflecting an increase of c. 240% over the period. As of January 31, 2024, 's subscriber base was 21,486 active members, which has subsequently grown to over 30,000. The company also had 500,000 email subscribers and 400,000 social media followers.
Good Life Plus listed on AQSE in December 2023, raising £1.4m at admission. Additionally, the company raised £2.03m through a subscription in March 2024. Since then, has attracted top industry-leading talent, including Victor Chandler of BetVictor, Mark Blandford of SportingBet, David Ivy of dotDigital, Ian McCaig of Fiit, and John Gordon of Incentive Games.
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Strong final results from Good Life Plus, reflecting substantial growth in subscribers and recurring revenues. Membership reached 21,486 at period-end, generating monthly revenues of £150k. Since then, subscribers have increased another 40% to over 30,000, alongside a corresponding increase in MRR.
The group continues to gather momentum after listing on AQSE in December 2023, which raised £1.4m. More recently, secured a significant £2m cash injection from Winforton Investments, a private investment vehicle associated with industry veteran Mark Blandford.
The capital raises have bolstered 's balance sheet, enabling the aggressive customer acquisition and expansion. Strategic partnerships with blue-chip brands and media partners during the period, as well as successful marketing campaigns around major events like the UEFA Euro 2024, have further enhanced 's profile and subscriber growth.
The group has also effectively boosted operating efficiency, reducing churn and improving average revenues amid growing demand, particularly for its higher-tier subscription plans. Aside from Mark Blandford, has attracted a dream team of industry talent and investors to help establish it as a leader in the luxury prize draw and rewards space:
Notable names include Victor Chandler of BetVictor, David Ivy of dogDigital, Ian McCaig of Fiit, John Gordon of Incentive Games, and Fraser Doherty of Beer52.com. With their help, is quickly transitioning from a disruptive newcomer to a known leader in the sector that is rapidly gaining market share.
Overall, appears to have cracked the formula for rapid and scalable success in the space with its unique offering that combines traditional prize draws with value-oriented perks, deals and discounts, all packaged into attractive subscription tiers ranging from free to £29.99. The rapid growth in subscribers and innovative model promise significant upside, and we expect to see further gains over the next 24 months.
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