PowerBand Solutions (TSXV: PBX) this morning reported its March gross sales figures, reporting a record $11.5 million in sales for the month. The performance represents a 44% increase in sales over what was exhibited in February.
The strong year to date performance of the company has resulted in gross sales of C$26.3 million, with the first three months exceeding total sales exhibited by the firm in all of 2020. Gross sales for 2020 amounted to $21.7 million, meaning the company is already up 21% on a year over year basis.
The average growth rate on a monthly basis currently sits at 31% following the most recent results. Gross margins reportedly remained consistent as well, with margins being between 60% and 65%.
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Further growth is anticipated to occur as well, with the recent launch of the DRIVRZ consumer to consumer auction portal. The platform, referred to as DrivrzXchange, was launched mid last month with an initial pilot project taking place in northwest Arkansas, with expansion to occur regionally and nationally in the coming months. Leasing and financing meanwhile is also operating, with the firm to further market these services with a recently announced arrangement with Motor Trend.
“We have reported the best sales growth in our history in the first quarter of 2021. [..] We believe DRIVRZ™ will continue to accelerate our growth in the second quarter of 2021. We want to thank our dedicated team and our shareholders for their support as we track toward profitability and making DRIVRZ™ the leader in internet driven automotive retail.”
Kelly Jennings, CEO of PowerBand Solutions
PowerBand Solutions last traded at $1.07 on the TSX Venture.
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