Plexure reports strong growth and a strengthened cash balance

Plexure reports strong growth and a strengthened cash balance

Mobile marketing company was already cash flow positive when McDonald's invested

Craig Herbison (Plexure)

Craig Herbison (Plexure)

Credit: Supplied

Mobile marketing software developer Plexure reported strong growth in 2019 with revenue up 44 per cent to $16.9 million.

The NZX-listed company, which received a $5.4 million cornerstone investment from major customer McDonald's last month boosted revenue by $5.1 million.

Plexure reported it was now cash flow positive with $7.3 million of cash on hand at balance date. That increased to $12.7 million immediately post balance date including the investment.

“The company was cash flow positive from operating activities for the second successive year, and customer usage was also at record levels with 110 million users on the company’s platform at year-end,” said CEO Craig Herbison.

Net loss after tax was down 58 per cent to $0.7 million due to the accounting treatment for a convertible note, but  $900,000 excluding that.

Plexure has developed a cloud-based technology platform, in Microsoft's Azure cloud, that powers mobile marketing, helping brands create customer engagement.

It said its technology delivers increases in purchase frequency, average basket value, impulse visits and customer lifetime value for retailers.

The company was now poised for its next round of growth with investments in its product road-map, technology platform and people, it told shareholders.

Disclosure: Rob O'Neill owns a small parcel of Plexure shares.

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