Pushpay in trading halt pending 'material transaction'

Pushpay in trading halt pending 'material transaction'

By Paul McBeth

June 18 (BusinessDesk) - Pushpay Holdings, the mobile payments app developer targeting US$100 million of annualised revenue this year, is in a trading halt as it wraps up a "material transaction" it expects to announce tomorrow.

The dual-listed shares were halted today ahead of an announcement tomorrow, it said in a statement. The stock last traded at $4.37 on the NZX, down 1.1 percent on the day, and has soared 168 percent over the past 12 months.

"Pushpay Holdings Ltd is at an advanced stage of finalising a material transaction," investor relations head Sarah Elder said in a statement to the ASX. "It wishes to ensure an orderly market while the terms of the transaction are finalised."

The Auckland-domiciled, US-headquartered company narrowed its loss to $23.3 million in the year ended March 31, from $25.3 million a year earlier, while revenue rose to $70.2 million from $34.3 million, in line with its forecast.

The company is focusing on medium and large churches in North America, which it sees as an opportunity to generate US$1 billion of annual revenue. When announcing its results last month, chief executive Chris Heaslip said the company expects the number of deals it's closing and deal size to accelerate over the coming year.

Pushpay wants to complete a US listing by the end of calendar 2018, and expectations of reaching US$100 million in annualised committed monthly revenue Dec. 31, when it also expects to break even on a monthly cash flow basis. ACMR was US$86.4 million as at March 31.

(BusinessDesk)

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