Dear Investor,
I am pleased to update you on the positive progress being made in the turnaround of Pureprofile’s operations and financial performance that was outlined in the H1FY2018 Investor Presentation.
Key points include:
- We have now identified the final round of cost savings to reduce the annualised operating cost base to the targeted $20M. We continue to implement the cost reductions and remain confident of achieving the targeted cost base by June 2018;
- Improved financial performance for the month of March 2018, with improved revenues, gross profit and margin, along with the above mentioned operating cost reductions;
- 31 March 2018 cash balance of ~$2.8M, following settlement of final Cohort payout;
- Ongoing sales momentum and new business wins with Kmart, Cancer Council and Amplified Intelligence in Australia and new business wins in the US market with Spotify and Amtrak;
- Continued improvement in the new-business pipeline with encouraging progress on meaningful new business opportunities that we aim to update the market on in the coming months; and
- CFO appointment and Board reconstitution process continues with short-list of candidates being advanced and new appointments planned to be announced this financial year.
I am pleased with the early positive progress being achieved on the turnaround. I am encouraged by the potential for further operational and financial performance improvements across the group and look forward to providing further updates to investors in coming months.
Yours Faithfully
Nic Jones
CEO & Managing Director
