Monday 24th April 2023
|Text too small?|
Auckland, New Zealand – TASK Group Holdings Limited (TASK or the Group) today provided an update on business activities and performance alongside its Appendix 4C for the quarter ended 31 March 2023 (4Q23). All figures presented are in the reporting currency of TASK, which is the New Zealand dollar (NZD).
• FY23 revenue and adjusted EBITDA guidance exceeded, subject to external audit
- FY23 total revenue of approximately $65 million (FY23 Guidance: $59.0 – 62.0 million).
- FY23 adjusted EBITDA of approximately $12 million (FY23 Guidance: $8.5 – 9.5 million).
• 4Q23 cash from operating activities of $7.4 million (3Q23: $0.5 million)
• Strong cash position of $28.3 million at end of March 2023, up $6.8 million on prior quarter
• Acquired software IP to support the development and commercialisation of TASK payments capability
Commenting on the performance for the March 2023 quarter, CEO Dan Houden said:
“The Group continues to make significant progress in feature development and performance enhancement across all elements of our platforms. These initiatives have directly benefitted our existing clients and position the business to extend its reach and customer base.
“We have also demonstrated our commitment to improving the profitability profile of the business, and have exceeded our revenue and EBITDA guidance for FY23 while also growing our cash balance.
“Our confidence in the trajectory of the business as we exit FY23 enables leadership to make targeted and considered investments in growing our talent base and extending the platform features and functionality to ensure we grow strongly.”
FY23 Guidance and Cashflow Commentary
As reported in its trading update on 20 April 2023, the Group expects to report total revenue of approximately $65 million and adjusted EBITDA of approximately $12 million, exceeding the guidance range previously provided of $59.0 – 62.0 million in revenue and adjusted EBITDA between $8.5 – 9.5 million for full year ended 31 March 2023 (FY23). The results are provisional and remain subject to external audit.
The Group generated cash from operating activities of $7.4 million in the quarter ended 31 March 2023, compared with $0.5 million in the previous quarter. Included in these cash flow were payments of $0.08 million in fees to TASK’s Directors and $0.1 million to rent the Group’s Australian office space from related party associates.
As at 31 March 2023, the Group’s cash position was $28.3 million (31 December 2022: $21.6 million).
The Group has made significant progress during the quarter, particularly in the ongoing development of TASK’s transactional management and customer engagement platforms, which strengthens its position to service existing and prospective customers going forward. The Group has also focused on advancing a number of strategic initiatives to maintain high levels of operational performance.
The following developments occurred during the quarter:
Customers & Markets
• The Plexure division continues to build on its record breaking Q3 FY23 performance, which was achieved supporting McDonald’s FIFA World Cup and Advent global market campaigns, delivering further increases in the monthly number of active users in the 4Q23 period
• We have made significant hires in the USA and continue to hire aggressively to support our growth globally.
• The TASK division commenced deployments for Retail Food Group (Crust - pizza segment)
Product & Platform
• TASK’s new white label mobile order and pay became fully available in app stores in 4Q23, including features such as Google and Apple Pay, Loyalty sign up, Member Quick Ordering and Order ahead, location search and the ability to set Favourite stores, whilst also enabling customers to process complex item modifications and order from Virtual Brands.
• A new version of the TASK Online Ordering is now available (TOLO7), which enables a range of virtual location management tools, plus added mobile responsive views, active order module support and improvements in more accurate location searches based on order types.
• Development work for the upcoming April 2023 TASK platform release (23.04) progressed smoothly during the 4Q23 period, with integration additions or upgrades including Doordash marketplace, Aristocrat API, Clover Payments, Uber Eats marketplace and Omnivore integration for Kiosks. In addition, security enhancement work for the retirement of V1 and V2 of API was completed.
• Post period end, TASK acquired software IP to support the development and commercialisation of TASK's payments capability over the medium term.
TASK expects to release its audited full year results on 30 May 2023. The Group will host a webcast presentation on the FY23 results day and will release details in the coming weeks.
2023 Annual Meeting and Director Nominations
Pursuant to ASX Listing Rule 3.13.1, TASK advises that its Annual Meeting will be held on Monday, 24 July 2023. Further details relating to the Annual Meeting will be disclosed in the Notice of Meeting, which will be distributed in due course.
Director nominations are open and will close at 5.00pm on Monday, 5 June 2023. Nominations must be made in writing and may only be made by a shareholder entitled to attend and vote at the Annual Meeting. Nominations should be directed to the Chief Financial Officer and must be accompanied by written consent of the person being nominated, together with their brief biographical details for inclusion in the Notice of Meeting.
Approved for release by the Board of TASK Group Holdings Limited.
For more information, visit https://TASKsoftware.com or contact:
Jon Snowball | Roger Newby
+61 477 946 068 | +61 401 278 906
About TASK Group
TASK Group is a leading provider of technology solutions enabling its global hospitality clients to maximise their customer relationships in an increasingly digital world.
TASK’s end-to-end cloud-based platform helps clients to improve customer experiences across every transactional touchpoint, including digital customer-facing services, back-of-house and enterprise operations. The Group’s ecosystem combines transaction services, personalisation, offer management and BI technology to help clients generate operational efficiencies, drive valuable data insights about their consumer base, activate new promotions and build brand loyalty.
No comments yet
TWR - Tower announces strategic review
PFI - 11 Sheffield Street, Blenheim Divestment
December 4th Morning Report
Me Today - Notice of Annual Shareholder Meeting
FSF - Director Scott St John to retire from Fonterra Board
Greenfern announces change in Chief Financial Officer
AIA Provision of Financial Assistance - Employee Share Plan
CBD - Recording and Presentation of Investor Call
AUCKLAND CAR PARK CONCESSION AGREEMENT - HIGH COURT JUDGMENT
CRP - Korella North Mining Lease Lodgement Approved