Pushpay Holdings Ltd (ASX: PPH) has reported its FY19 half-year result for the six months to 30 September 2018 showing a 48% increase in revenue.
Pushpay is a donation systems and software business for religious, not-for-profits and education providers in the US, Canada, Australia and New Zealand.
Here are some of the highlights from Pushpay’s half-year result:
- Revenue increased by 48% to US$44 million
- Average revenue per customer grew 34.2% to US$1,060
- Total customers up 4.2% to 7,420
- Net loss improved by 64.8% to US$4.4 million
Pushpay was pleased to point out that its annualised processing volume has now reached US$3.2 billion, which was 45.4% higher over the past year.
Chris Heaslip, CEO and co-founder of Pushpay, said: “Pushpay continues to experience strong growth, delivering on its strategic plan as the company strengthens its market position in the US faith sector.
Pushpay management is confident of achieving breakeven on a monthly cash flow basis by the end of December 2018. To do so, it will focus its efforts on medium and large customers where it wants to win more than 50% of the medium and large church segments in the US.
The company guided annual revenue guidance of between US$ 97.5 million to US$ 100.5 million and is targeting a gross margin of 60% by March 2019.
Mr Heaslip concluded: “Pushpay continues to focus on future-proofing the business, by refining the strategies that will allow the company to realise its considerable potential over the long term, while maintaining prudent financial discipline.”
The Pushpay share price is up nearly 20% over the past year.
Read Next: 3 Proven ASX Shares
The Rask Group Pty Ltd has issued its latest investing research report on 3 proven ASX dividend + growth shares. Click here to access the free report. No credit card or payment required. (sponsored)