Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Diligent continues sales drive in 3Q, upgrades drive revenue

Diligent continues sales drive in 3Q, upgrades drive revenue

By Paul McBeth

Oct 16 (BusinessDesk) - Diligent Board Member Services, the software-as-a-service company for corporate governance, continued its rapid sales drive in the third quarter as revenue from client upgrades underpinned growth in the period.

Revenue surged 145 percent to US$11.8 million in the three months ended Sept. 30, taking year-to-date sales to US$30.2 million, the New York-based, NZX-listed company said in a statement. Sales from client upgrades soared 205 percent to US$2.1 million, and new sales advanced 29 percent to US$6.4 million.

"Client upgrades continue to be a valuable source of new sales as well as our principal indicator of customer satisfaction with the Diligent Boardbooks product and service," the company said. "Diligent's management expects the positive trends in cash flow and improved balance sheet strength and flexibility to continue throughout 2012."

Diligent has gone from strength to strength in the past two years after cashing in on the increasing popularity of Apple Inc's iPad with its Boardbooks application. The firm has attracted almost a quarter of Fortune 1000 companies as customers, and counts 1,615 companies on its client base, with more than 2,330 board and 46,000 users worldwide.

The NZX-listed stock has surged as high as $4.09 from just 7 cents a share in the depths of the global financial crisis in 2009. It fell 1.8 percent to $3.81 yesterday, and has more than doubled this year.

Diligent said its cash flow position improved by US$8.6 million in the quarter, taking total cash to US$25.6 million as at Sept. 30.

The firm continued to pull most of its sales growth in the Americas, though at a slower pace. New sales grew 5 percent to US$4.1 million out of the Americas, with revenue growth in Europe, the Middle East and Africa climbing 77 percent to US$1.6 million, and Asia and Pacific more than tripling to US$750,000.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news