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Updater moving up in US market share

AAP logoAAP 29/08/2016 Lisa Robinson

Updater's first-half loss widened to $US3.52 million ($A4.66 million) in its first six months of listed life as the home relocation technology company continues to build its share of the US moving market.

Updater, which listed on the ASX in December, reported revenue for the six months to June 30 of $US170,700 - up 68.1 per cent on the prior corresponding period - but said on Monday it is focused on building market share.

Updater said it was processing almost 90,000 household moves each month in the US by June, and in July announced that it had already hit its year-end estimated market share target of five per cent.

The company is continuing to expand and has set a new target of 15 per cent of the US market by the end of 2017.

Updater said it had more than $US13 million in the bank and had increased its rate of spending in the first half of 2016 to an average of US$392,000 per month from $350,000 in 2015.

The company, which counts Domain chief executive Antony Catalano among its directors, aims to be a one-stop shop for movers by offering services that include updating customer accounts, connecting utilities and forwarding mail.

It has partnered with more than 500 US real estate companies, which must invite clients to register to use Updater's web-based technology.

Although listed on the Australian Securities Exchange, the US-based company has no plans to expand into Australia.

Updater shares ended three cents lower at 47 cents on Monday, still well above their 20 cent issue price.

UPDATER'S FIRST HALF

* Net loss $US3.52m v $US1.97m loss in pcp

* Revenue up 68.1pct to $US170,700

* No interim dividend

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