SLI Systems says first-half sales to rise 29%, hires chief revenue officer to drive top-line

Wednesday 4th November 2015

SLI Systems, the online retail search engine developer, expects first-half sale to rise 29 percent, and has hired a chief revenue officer to drive top-line growth after missing expectations through the latter half of the 2015 financial year.

Revenue is forecast to rise to $17.3 million in the six months ending Dec. 31 from $13.6 million a year earlier when sales accelerated at a 27 percent pace, the Christchurch-based company said in a statement. The software developer missed its sales forecast for the second half of the 2015 year, and has hired Martin Onofrio as its new chief revenue officer to drive revenue growth. Onofrio most recently held the same position at Silicon Valley-based analytics firm Attensity Corp.

"As we noted at our annual shareholders' meeting last month, SLI has not been performing to its full potential and needs to increase its growth rate," chief executive Chris Brennan said. "We're looking for Martin to be a key contributor to our executive team and a driver of accelerating growth in the months and years to come."

SLI hired San Jose-based Brennan as its chief executive in September, tasking him to drive revenue growth in the world's biggest e-commerce market, where the company has lagged behind other regions.

In August, the company reported a wider annual loss of $7.1 million after a reshuffling of its sales team and a weaker Brazilian economy weighed on earnings, while revenue rose 27 percent to $28.1 million.

The shares last traded at 75 cents, and have dropped 38 percent this year, lagging behind the 3.6 percent gain on the S&P/NZX All Index over the same period.

BusinessDesk.co.nz

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