23 Apr ASX ANNOUNCEMENT: CEO’s Operating Update for Pureprofile Ltd (PPL)
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.
CEO & Managing Director