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Quickflix FY11 revenue grew 53%

Quickflix FY11 revenue grew 53%

Online DVD rental company Quickflix (ASX:QFX) has reported a 53% increase in FY11 revenue to $11.8 million.

The company said its customer base grew 78% year-on-year to 70,250, with total subscribers including trial customers exceeding 82,000.

For the fourth quarter, revenue grew 54% to $3.43 million, but average monthly revenue per paying customer dipped 3% to $16.25.

Monthly average churn fell 2% year-on-year, and 13% from the previous quarter, to 6.6%.

Quickflix executive chairman Stephen Langsford reitereated the company's goal to attract a million customers in the next five years, and said the company is “looking forward to a very positive year ahead.”

On Wednesday, Quickflix announced a deal to provide a subscription streaming service on Sony's Bravia range of internet-enabled TVs and other multimedia devices.

The company earlier this week appointed former Telstra executive Chris Taylor as its new CEO.

QFX shares climbed 9.52% in Thursday's trading to $0.115.

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