19 May 2020

App developer Plexure eyes further growth after strong year

7:54 pm on 19 May 2020

NZX-listed app developer Plexure is eyeing up the Australian stock exchange as it plans to expand on the back of growing demand for mobile technology.

Woman use of cellphone

Photo: 123rf

Plexure today reported strong full year earnings with revenue up 50 percent to just over $25 million for the year ended March.

The company, which develops mobile marketing and brand software for companies such as McDonalds and White Castle in the US, also made a net profit of $1m up from a loss of $700,000 in 2019.

Chief executive Craig Herbison said the Covid-19 pandemic had forced more companies to go digital.

"It's definitely accelerated. We've talked to a lot of brands that have the ambition to be mobile-first... and they're doubling down in mobile because that's where their customers need to be as they seek to do commerce at distance."

"There is some impact on our customers' customers... but our customers are keen to double down on their investment."

He said it had been the company's strongest year, during which it onboarded White Castle in the US and Super Indo - one of Indonesia's leading supermarket chains.

"We continue to go from strength to strength. There's a lot of good stuff we've invested in this year and next year's going to be even better."

He said the company had an aggressive growth plan which would require more capital.

"We are considering a dual listing and a move to the ASX. That's something the Board is considering at the moment."

The company wants 500 million users on its platform in the next three years. It currently has 183 million registered users.