New Plexure leadership team delivers turnaround
New Plexure leadership team delivers turnaround with strong revenue growth and cash flow positive status
Mobile engagement software company Plexure showed strong results for the year ended 31 March 2018 with a significant increase in revenue by 61% - up $4.474m from FY17. The business ended the FY18 year with $4.09m of cash in hand and remains cash flow positive with $2.634m generated from operating activities.
Plexure’s impressive revenue growth, coupled with a reduction in operating costs have resulted in a reduction in its total comprehensive loss of 75% to $1.617m. It is important to note that of the total comprehensive loss of $1.617m, $1.255m relates solely to the accounting treatment for a $1.675m convertible note.
A new executive team and renewed strategic vision have been key elements in taking the business to the next stage. Plexure’s ongoing focus to streamline the business has seen a decrease in expenses of 13% or $1.737m, achieved primarily through cost management and re-structuring.
Existing customer relationships contributed to the majority of the 61% revenue increase in FY18. Plexure’s global expansion into 18 countries through its relationship with McDonald’s during FY18 has been commercially significant and this affiliation has paved the way for future growth.
With deeper customer connections fueling new revenues, Plexure continues to build new features and capabilities to its technology platform.
Chief Executive Craig Herbison says the Company is heading in the right direction and is pleased with progress through the FY18 year.
“The team has worked tirelessly to achieve what we have to date and we have strong momentum. The underlying business is now operating profitably setting us up for a strong FY19 and beyond,” said Mr Herbison.
Plexure’s Chairman Phil Norman says “the Board is extremely pleased with the progress the Company has made in the last 12 months. The financial results, cash position and substantial reduction in loss are clear evidence that our refreshed strategic direction is positioning Plexure for sustainable growth and profitability.”
Plexure also announced this morning that Scott Bradley has resigned as a Director of Plexure with immediate effect.