Plexure posts maiden profit, eyes US market

51 percent revenue growth

NZX listed Plexure, which has developed software to enable companies to engage customers and boost loyalty via their mobile phones, has reported its first profit, $1.1m, following 51 percent revenue growth to $8.1m for the first half of FY19. It lost $0.2m in the same period last year.

Plexure, which changed its name from VMob in 2016, says global brands use its products to engage consumers on mobile devices and drive them into stores with personalised offers, mobile order and pay and loyalty, and integrate with operational systems to remove friction and create a seamless purchase experience for consumers.

CE Craig Herbison said the company now had $6.1m in cash and planned to invest further to scale its platform and address growth opportunities in global markets.

He said the investment would go to providing coverage for an increasing number of users and to strengthening the engineering team to expand development capability in the coming months.

He said consumers in 20 new countries were now using Plexure’s platform as a result of growth in the first half of the year.

“Plexure now has more than 58 million users on its platform in Asia, and has grown revenue in this region by 38 percent over the same period last year,” he said. “We are setting up an office in Europe to support the growth in that region.”

Herbison said the company was now turning its attention to the US market. “There’s $400b worth of spend in the US quick serve restaurant and convenience market.

"With an estimated 10 percent of transactions taking place via mobile by 2020, Plexure’s platform, a new leadership team and a refreshed proposition will serve us well as we strive to secure a share of this growing opportunity," he said.

Plexure claims to have 86 million end users on its platform in over 40 countries, offices in Auckland, Chicago, Atlanta, Tokyo and Copenhagen and says clients include McDonald’s, 7-Eleven, Ikea, and Loyalty New Zealand.

• Plexure in TIN Top 10

Plexure was ranked fourth out of the top ten Absolute IT Supreme Scale-Up companies in New Zealand, in this year’s Technology Investment Network (TIN) Report, released last week.

The Absolute IT Supreme Scale-Up Companies list recognises the Next100 companies (ranked between 101-200 in the TIN200) with the highest dollar value increase in revenue in the past year.

 

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