Good Life Plus revenues surge in H1, supported by new partnerships and strong balance sheet

Good Life Plus (GDLF) Follow | GDLF, a UK-based subscription service offering daily prize draws and discounts on popular goods and services, announced its interim results for the 6 months ended July 31, 2024.

Good Life Plus reported significant sales growth with a 120% increase in monthly recurring revenues (MRR) since year-end to £330k, and an active subscriber base of 37,000 on July 31, reaching 40,000 post-period - up 73% since year-end.

Revenues ended the half at £1.69m, indicating strong momentum as the previous 16 months to January 31, 2024 altogether yielded £2.3m. Operating loss was £2.01m, compared to £3.13 for the prior 16 months, reflecting significant investment in growth. Net loss was also £2.01, compared to £3.98 for the prior 16 months.

The company raised £2.0m in March 2024 through a subscription. Post-period, a further £2.0 was raised in October 2024, bolstering the balance sheet. Also post-period, GDLF signed a partnership with a leading UK mobile network operator to expand brand visibility.

Charlie Chadd, CEO, commenting: "Our recent achievements, including strategic partnerships and media deals are critical steps in our journey to becoming a market leader in luxury prize draws. These developments allow us to reach new customers, accelerate our growth trajectory, and continue enhancing the premium experiences we offer our subscribers. With a strong capital structure and growing subscriber base, we are well-positioned to scale aggressively and bring our unique value proposition to a broader audience."

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Good Life Plus delivers a half-year of rapid growth in turnover, MRR, and active user count, with strong momentum continuing post-period. GDLF's strong financial and operational performance was driven by its highly scalable subscription-based model and growing market demand. Successful capital raises and a landmark partnership with one of the UK's major mobile network operators have set the stage of continued growth in H2.

Good Life Plus' bolstered balance sheet, following two capital raises in March and October yielding a combined £4m, ensures continuing investment in product development and headcount growth, as well as rapid scaling within the UK market, both in direct-to-consumer and its partnership programme. GDLF now reaches over 1.1 million email subscribers and 400,000 social media followers after significant investment in digital engagement and market visibility.

In addition to strong momentum in sales and MRR, GDLF noted improved operational efficiency during the period, with notable reductions in churn, improvements in average revenue per user (ARPU), and enhancements in customer satisfaction, supporting sustained growth in premium subscriptions.

The global lottery and rewards space sector is currently valued at £261 billion, with continued steady growth projected over the next 7 years. GDLF is well-positioned for success within the rapidly expanding market, with its disruptive freemium model enabling low-cost subscriber acquisition while driving recurring revenue predictability, similar to SAAS/B2C models. GDLF's record revenue performance in H1, with sales up 59% and subscribers up 73% since year-end, and strong commitment to continued investment in customer acquisition, underpin significant further upside.

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