Whispir's Q4 results have been announced to the market.
The strong finish to FY20 was mainly due to Whispir’s ability to provide fast-to-deploy, templated and customised communications workflows that has enabled companies and government departments to communicate effectively at scale to diverse stakeholder groups through multiple channels even while their operating conditions evolve rapidly due to COVID-19.
Annualised Recurring Revenue increased 35.7% over pcp to $42.2million, an increase of 4.2% on the March quarter, driven by growth in ANZ and Asia.
Quarterly customer cash receipts of $11.3 million, up 27.0% on prior quarter and 36.5% on pcp.
Second consecutive quarter of record customer growth: 72 net new customers.
Continued reduction in net cash used in operating activities for Q4 FY20, down 93.0% on prior quarter to $0.1 million.
On track to deliver all key FY20 Prospectus forecast metrics.
Growing demand by new and existing customers for communications software and stakeholder engagement during the COVID-19 pandemic supported Whispir’s strong performance over the fourth quarter.
Annual Recurring Revenue rose 35.7% over the prior-year corresponding period (PCP) to $42.2 million, an increase of 4.2% on the March quarter. Increased platform utilisation by existing customers also contributed to quarterly customer receipts of $11.3 million, up 27.0% on the prior quarter and 36.5% on a PCP basis. Customer revenue retention was also high at 124.1%.
Whispir delivered a second consecutive quarter of record new customer growth, acquiring 72 net new customers as organisations looked to adopt more sophisticated yet easy-to-use communications systems. Total customers numbered 630 on 30 June 2020 and included the Victorian Department of Education, PersonaTech and Mt Buller Ski Resort. New customer growth is being driven by Whispir’s easy integration with existing IT systems and new ready-to-use ‘return to work’ templates, which ensure compliance with government COVID-19 regulations.
Tight cost control and significant growth in customer receipts through Q4 FY20 saw net cash used in operating activities reduced to ($0.1 million).
Investment in platform and product development continued to be a key focus for the Company, with capitalised R&D expenditure totalling $1.1 million for the quarter, in line with the prior quarter.
Whispir remains well funded to execute its international growth strategy with a cash and equivalents balance at 30 June 2020 of $15.2 million.
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