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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news