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CORRECT: Pushpay lifts ACMR by 40% over June quarter as it targets US faith sector

Wednesday 13th July 2016

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Pushpay Holdings, whose mobile payment app allows churches to raise money from parishioners, lifted annualised committed monthly revenue (ACMR) to US$27.3 million (NZ$38.77 million) over the quarter to June 30, up nearly 40 percent on the previous quarter.

The shares climbed 5.8 percent to $2.37 after the Auckland and California-based company said it's still on track to reach its ACMR target of NZ$100 million by the end of February 2018. The annualised monthly payment transaction volume is now more than US$719 million (NZ$1 billion), a 100 percent increase in the six months to May.

Pushpay is the leading provider of payment solutions for the American faith sector, servicing five of the top 10 largest churches and 24 of the top 100 in the US. 

In a statement, co-founder and chief executive Chris Heaslip said it was the company’s best quarter to date with ACMR increasing by more than US$7 million. Other key metrics included merchant numbers rising by 19 percent to 4,491 and average revenue per merchant rising by over 16 percent to US$506 a month.

The company has been focusing on attracting larger merchants through a more targeted marketing strategy. The largest church it services has more than 34,000 attendees.

Last month it appointed an unnamed middle-market investment bank headquartered in San Francisco to raise at least US$30 million from US investors which it hopes will be completed before the end of this year.

The NZ$4 million standby facility provided by substantial shareholder Christopher & Banks, which was due to expire on June 30, has been renewed for another year and increased to NZ$10 million on the same terms. Christopher & Banks holds a 23 percent stake in Pushpay, and its sole director Christopher Huljich is also on Pushpay’s board. He is also a director or trustee or related to other parties holding a further 5.87 percent of the company.

In May Pushpay widened its annual loss to NZ$19.4 million and reiterated that it was forecast to break even in 2017. Its annual meeting is being held in Auckland tomorrow.  

 

 

BusinessDesk.co.nz



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