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

 


CORRECT: SLI Systems says sales miss forecast on ARR basis

CORRECT: SLI Systems says FY sales miss forecast on ARR basis, to report smaller loss

(Corrects to show revenue on ARR basis rose 29 percent in the second paragraph, updates shares)

July 28 (BusinessDesk) - SLI Systems, the search engine software developer, said full-year revenue missed its prospectus forecast, using its preferred measure, although it will report a smaller loss because of delays in building a sales team.

Annualised recurring revenue rose about 29 percent to $25 million in the 12 months ended June 30, compared to a forecast in last year's offer documents of $25.9 million. Operating revenue was $22 million, about matching its forecast for $22.2 million, the company said in a statement.

The shares rose 8.5 percent to $1.41, recovering from a record-low close of $1.30 on Friday and valuing the company at $85.3 million, after selling for $1.50 apiece in last year's initial public offering. The stock has retreated from as high as $2.90 in late January. The company, which is scheduled to report its audited results on Aug. 26, said its loss was smaller than forecast after it deferred spending to hire sales and marketing staff.

SLI Systems had forecast a comprehensive loss of about $7.2 million for the latest year, or a loss of $6.87 million on an earnings before interest, tax, depreciation and amortisation basis.

"We continue to prudently manage the capital we raised last year," chief executive Shaun Ryan said in the statement. "Our cash position and operating loss are favourable to our forecast, due to a deferral of planned expenditure on marketing and sales headcount hires."

The company raised $27 million in last year's IPO, of which $15 million was new capital to be invested in the business. SLI Systems had 510 customers at June 30, compared to the 580 it had forecast in its prospectus.

"Revenue has benefited from the good progress we have made recruiting large e-commerce sites, which take longer to engage but generate higher average monthly revenue and provide an outstanding opportunity to showcase SLI's capabilities to a greater number of this type of customer," Ryan said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news