Record Quarter For Pureprofile

Pureprofile has announced a record quarterly continuing business revenue of $12.3m and record quarterly continuing business EBITDA (excl significant items) of $1.5m in Q1 FY24.

Pureprofile Limited (ASX: PPL or the Company) has announced its Q1 FY24 business update for the period ended 30 September 2023.

Q1 FY24 Highlights:

Data & Insights and Platform delivered record quarterly revenue during Q1 FY24 with
continuing business revenue up 16 per cent
Record quarterly continuing EBITDA (excluding significant items) of $1.5m, up 36 per cent on pcp, benefiting from strong revenue growth, improved gross margins and continued disciplined management of expenses
Continuing business EBITDA margin expanded to 12 per cent (up 2 ppts on pcp) resulting from scale benefits achieved through our focus on global expansion, increased project margins and driving operational efficiencies
Platform revenue achieved growth of 118 per cent on pcp, benefitting from an increase in panellists recruited from Audience Builder partnerships
Rest of World (incl. Platform) revenue growth up 34 per cent on pcp
ANZ (incl. Platform) revenue growth up 6 per cent on pcp

Pureprofile’s focus on high quality panellists and data integrity is resulting in continued market share gains from competitors. Revenue from repeat clients continues to grow each quarter. This improvement is consistent with overall revenue growth for the core Data & Insights business, which was up from $33.8m at the end of Q1 FY23, to $42.2m at the end of Q1 FY24, on a rolling 12 months basis.

“I am immensely proud of our Pureprofile people. They are 100 per cent focused on client needs and deliver on their commitments consistently. The business is also continually developing and improving, incorporating the latest developments and industry trends into our processes. As a business we pride ourselves on our performance and going above and beyond for our clients. We have a benchmark for excellence that positions us as the preferred choice for data & insights amongst a range of businesses, brands and industries,” said Pureprofile CEO Martin Filz.

The Board of Directors have finalised the Company’s Remuneration strategy and employee equity plan for FY24. For FY24, the Company’s short-term performance incentives (STI’s) for Key Management Personnel and Executives will be offered as a cash incentive rather than an equity based incentive. This change in reward structure from equity to cash based incentives will impact the Company’s EBITDA (excluding significant items) on a go forward basis, as this will be recognised in the Financial Statements as an Employee Benefits expense and not share-based Payment expense.

The Company expects to recognise a provision for this expense in its Financial Statements over the remainder of the FY24 financial year. Based on the performance hurdles of the STI Incentive plan and the Company’s financial performance to-date, the STI provision (including on-costs) is expected to be $1.05m.

The Board is still in the process of reviewing the long-term incentive (LTI) program for KMP’s and Executives in conjunction with developing a new three-year plan and will provide an update once finalised. There will be no LTI program for FY24.

The change to the remuneration plan for the CEO, KMP and Executives is expected to have a material positive impact on the net profit after tax in FY24.

Outlook Pureprofile continues to remain somewhat insulated from softer global trading conditions, particularly in international markets, where we are growing from a low base, and continuing to win client share of wallet from competitors.

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