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

 


SLI System reports smaller FY loss, more cash than forecast

SLI System reports smaller annual loss, more cash than forecast

By Suze Metherell

Aug. 26 (BusinessDesk) - SLI Systems, the search engine software developer which debuted on the NZX last year, posted a smaller than forecast loss while keeping more cash on hand.

The Christchurch-based company reported a loss of $5.7 million in the 12 months ended June 30, below the $7.2 million loss forecast in its offer documents in May last year, it said in a statement. Operating revenue was $22.1 million, about matching its forecast for $22.2 million, while cash reserves were $11.4 million, versus the $7.3 million flagged in its prospectus.

Annualised recurring revenue, SLI's preferred financial measure, rose about 29 percent to $24.9 million, missing its forecast of $25.9 million, but in line with its profit warning in July. SLI had 511 customers at June 30, compared to the 581 it had forecast in its prospectus, but said the initial deal size for new customers was 20 percent larger than forecast.

SLI is forgoing profit and reinvesting earnings to fund its growth plans, as it hopes to capitalise on the growing e-commerce market, particularly in the US, and says its software as a service is the second biggest after Oracle providing online retailers with suggestive search engines.

"SLI can look back on its first year as a publicly listed company with some satisfaction," said chief executive Shaun Ryan. "We enjoy a vast untapped market and product awareness that is in its infancy. Recent research out of the US indicated there are well more than 100,000 legitimate e-commerce sites in the world, and only a small portion of these have any kind of premium site search software or service in place."

The company raised $27 million in last year's IPO, of which $15 million was new capital to be invested in the business.

Shares of the company last traded at $1.40, and have declined some 36 percent over the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news