Communications workflow platform Whispir (ASX: WSP) has surpassed its prospectus forecast in its first result since listing on the ASX on June 19.
Revenues increased 12 percent to $31.1 million, up from $27.8 million in FY18, and $600,000 ahead of prospectus forecast. North America and Australasia were the main revenue growth drivers, up 24 and 17 percent respectively.
Pro-forma gross margins of 63.2 percent exceeded the prospectus forecast of 61.8 percent, boosting gross profit by $2.1 million to $19.7 million – $800,000 ahead of prospectus forecast.
Whispir’s EBITDA loss of $11 million was a $900,000 improvement on the prospectus.
Whispir’s industry-leading software platform automates interactions between businesses and people, enabling companies to deliver actionable two-way interactions at scale using automated multi-channel communication workflows.
The company has more than 500 global enterprise and government customers across its key markets of Australia, New Zealand, Asia and North America including NAB, Virgin Australia, ABC, Telstra and Walt Disney. Whispir’s SaaS platform has multiple use cases and is used for crisis communications, business coordination, customer engagement and HR onboarding.
Commenting on the strong FY19 performance, Whispir CEO Jeromy Wells said: “I am delighted to see the investments we made previously translate to continued growth, as we position the company to be a successful global communications workflow platform provider.”
“In FY19 we generated revenue growth across all key areas of subscription licences, transaction and support services. The Whispir platform continued to deliver increasing recurring revenues, up 13.2 percent and closing the year with an ARR of $31.5 million.”
“Our strong performance is delivered on the strength of our product offering. Over 500 customers have engaged with over 55 million unique people. This represents over 1.5 billion interactions. Our use cases continue to expand supporting customer growth and retention.
“Total cash expenditure on research and development activity in FY19 was $9.1 million of which $4.5 million is capitalised as internally generated assets, this demonstrates our ongoing commitment to product development for the purpose of expanding the product suite and maintaining the competitive edge that the Whispir platform enjoys.”
Mr Wells added that the strong performance in FY19 reaffirms the company’s forecasts for FY20, where revenue is expected to top $37.8 million and pro-forma EBITDA to improve to $(9.4) million. Whispir will continue to invest in product research and development, committing $8.4 million in FY20.
“In addition to our operating performance the strength of our financial position gives us confidence in our outlook for FY20 and beyond.”