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Plexure announces 50% Revenue Growth and $14.2m Cash Reserve on Strong Momentum

Tuesday 19th May 2020

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Key achievements:

• Significant financial performance improvement - revenue from contracts with customers of $25.3m, up 50% or $8.4m from FY19.

• Net profit of $1.0m, up 243% from the FY19 loss of $0.7m.

• $14.2m cash on hand at balance date and cashflow positive from operating activities for the third successive year.

For the year ended 31 March 2020, Plexure recorded it’s best trading result to date, which continues the robust forward momentum the Company has achieved in the last three years. Strong revenue growth of 50% from FY19 resulted in a total revenue from customers of $25.3m and a cash position of $14.2m.

In April 2019, McDonald’s purchased a 9.9% equity stake in Plexure. On the back of that investment the Company’s relationship with McDonald’s has continued to strengthen throughout FY19 with Plexure now operating in 60 McDonald’s markets worldwide. The Company continues to broaden the scope of offering for McDonald’s including enhanced AIbased data analytics.

During the year, Plexure also added 13 new markets and customers. These included White Castle - a well-established US burger chain was signed in July 2019, confirming the attractiveness of the Company’s proposition for the QSR sector, and Super Indo – one of Indonesia’s leading supermarket chains (51% owned by European multi-national grocery organisation, Ahold Delhaize) who came on board in February 2020, opening up a new category for Plexure. “Super Indo is our first customer in the grocery sector and one we’re delighted to be collaborating with” says Craig Herbison, Plexure CEO and Director. “Indonesia is currently Asia’s largest and fastest growing digital economy. For Super Indo to recognise the relevance and value of integrating Plexure’s technology demonstrates that a highly personalised, mobile-centric customer engagement offering is perfect for this highgrowth category.” 

Plexure’s three-horizon transformation strategy is well into its third phase of ‘Execute for Growth’ having delivered the first two horizons of ‘Stabilise for Growth’ in late FY18 and ‘Build Foundations for Growth’ in the first half of FY19. “A significant focus of our ‘Execute for Growth’ phase is investment in our team to secure the very best talent to deliver the Company strategy, as recently demonstrated by Andrew Flavell joining as CTO from his VP of Architecture role at Nike in the US”, Mr Herbison continues. Plexure now has 139 staff following steady growth in its engineering, marketing and sales teams.

Significant investment in Plexure’s core platform technology has increased the Company’s world-leading scalability and availability. A strong customer focus sees the Company aligning closely with the strategic digital transformation activities of its clients to build solutions that enable deeply personalized customer experiences. Plexure’s Chairman Phil Norman says “In FY21 Plexure will continue its strong forward trajectory, deploying cash reserves to enhance the Company’s proposition and continue to drive new and improved revenue streams for our customers.”

As with every organisation, Plexure is closely monitoring the impact of COVID-19 on Company operations. “To date, the impact to us has been minimal and Plexure continues to grow personnel numbers as we focus on existing and emerging opportunities,” says Mr Herbison. COVID-19 has amplified the requirement for customers to shop at distance, which has accelerated the adoption of products like Mobile Order and Pay, that Plexure has deployed across 2,700 McDonald’s stores in Japan. 

Source: Plexure Group Limited

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