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

 

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

The Future: Thirty Year Infrastructure Plan Released

The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

ALSO:

Shopping: Online GST Discussion Document

GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

ALSO:

Keith Rankin: Auckland Slowdown?

Has the Auckland housing market turned? I went to a neighbourhood auction yesterday. Solid large 1950s' house on 1,000 square metres of land, sunny section, view over city from front of house, handy to train and to the expanding New Lynn retail and commercial hub. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news