Pushpay software reports annual revenue increase of US$28.2M

Electronic donation management app Pushpay, has reported an annual revenue increase of US$28.2 million today.
Gross profit margins at 55-60 per cent
2020 revenue expected to be US$122.5 million to US$125.5 million

Electronic donation management app Pushpay, has reported an annual revenue increase of $28.2 million today. Revenue climbed from US$70.2 million to US$98.4 million, at an increase of 40 per cent.

Pushpay software specialises in electronic donations through donor tools and finance management to target faith sectors, non-profit organisations and educational providers in the US, Canada, Australia, and New Zealand.

Gross profit margins were also reported to be between 55 per cent and 60 per cent.

Pushpay estimates a revenue guidance between US$122.5 million and US$125.5 million by the end of 2020, with a gross margin guidance of over 63 per cent.

Earnings before taxation also jumped a whopping 108 per cent, compared to the previous annual report of a loss of US$18.6 million. Earnings before taxation was reported at $1.6 million.

The company expects earnings before taxation in 2020 to be between US$17.5 million and US$19.5 million.

The company attributed the growth to strategy, team growth, expertise and responsible investment into the app development.

The company also reported operating expenses remaining relatively stable, attributing to the increased gross profit margins.

Pushpay CEO Chris Heaslip says the company’s next step is to ‘future-proof’ itself, by refining strategies for long term potential and financial discipline.

“As we embark on the next chapter, our relentless focus on innovation, strategy, and execution will lead to continued strong growth for the business,” he said.

Despite the positive report, the company dropped 3.61 per cent in the ASX today. As of this morning, share prices are at $3.47 each in a company market cap of $997.9 million.