Whispir Limited (ASX: WSP, Whispir or Company) has released its full-year results for the 12 months ended 30 June 2020 (FY20), a year where the Company met or outperformed its Prospectus forecast despite unprecedented operating conditions.
- Annualised Recurring Revenue (ARR) up 34% year on year (YOY) (from $31.5m at end of FY19 to $42.2m at end of FY20), exceeding the Prospectus forecast of $42.0m
- Revenue increased 25.5% YOY to $39.1m, ahead of Prospectus forecast of $37.8m
- Net new customers up by more than 120 in FY20 to 630 total customers at year-end, ahead of Prospectus forecast of 621
- Gross revenue and customer churn at 2.4% and 7.0% respectively, better than Prospectus forecast
- Total operating expenditure of $31.7m, better than Prospectus forecast of $32.9m
- EBITDA of $(7.3m), significantly better than Prospectus forecast of $(9.4m)
- Strong balance sheet with net cash balance of $15.2m
Financial Year Performance
Commenting on the Company’s FY20 outperformance, Whispir CEO Jeromy Wells said: “Whispir’s strong performance in its first full year as a listed company has ensured we have achieved or exceeded all key Prospectus metrics.
“Increased platform usage from our existing customer base was the key revenue growth driver in FY20, delivering total annual revenue of $39.1m, up 25.5% YOY and 3.3% ahead of our Prospectus Forecast.
“The more mature Australia and New Zealand (ANZ) business continues to perform ahead of expectations, currently accounting for around 79% of total group revenue. Meanwhile, our operations in Asia are rapidly growing with revenue increasing 44% YOY to $6.8m.
“At the same time, increasing operational efficiency and productivity improved our EBITDA performance by $2.1m to $(7.3m), while gross margin remained in line with expectations at 62.5%.“While COVID-19 provided a tailwind for the business, it really just accelerated the macro trend for the adoption of easy-to-use yet sophisticated communications software.
“As businesses respond to rapidly changing operating requirements, they need to be able to communicate with all their stakeholders; employees, suppliers and customers, more effectively and Whispir has satisfied that demand.
“Significant new customer growth in the second half is yet to have a material impact on revenue and ARR. Most new customers start by quickly deploying Whispir for one or two use cases that meet an immediate need. However, our experience shows that new customers quickly appreciate the significant benefits our cutting-edge communications workflow platform delivers, which inevitably leads to increased transactional volumes as customers deploy additional use cases.”