Pushpay doubles annualised sales

Annualised committed monthly revenue up $9 million in first half.

Mobile payments app developer Pushpay Holdings [NZX: PAY] says committed sales more than doubled in the first half of the financial year as the number of customers exceeded expectations.

Total annualised committed monthly revenue rose to $18 million in the six months ended September 30, from $9.2 million as at March 31, the Auckland-domiciled, Redmond-headquartered company said in a statement. The number of merchants using the app increased 111% to 2102, beating its 2000 target.

The company said earlier it had increased annualised committed monthly revenue to $10 million and aimed to lift that to $100 million over the next three years.

At the end of last month, the company announced plans to raise $18.7 million in a private placement selling shares at $4.88 to existing shareholders including interests associated with Pushpay directors Bruce Gordon, Graham Shaw, Christopher Huljich, and alternate director Peter Huljich, and attracting new investors such as boutique fund manager Pie Funds Management.

The company raised $13.8 million in an April non-renounceable entitlement offer to shareholders, a portion of which went to repay outstanding debt to cornerstone investor, Christopher & Banks, the investment vehicle for the Huljich family.

At balance date the company had $8.48 million in cash and available funding lines, while staff had more than doubled to 143 employees, from 68 a year earlier.

Pushpay is geared to mobile charitable giving. It is targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises

The company’s shares were unchanged at $7.30 and have gained 163% since the start of the year.

(BusinessDesk)

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