A clear path to profitability in Blackpearl’s FY23 results
Blackpearl Group (BPG) has announced its unaudited preliminary results for the year ending 31 March 2023 (FY23). It shows the 2023 financial year was underpinned by strategic investments in acquisition, technology, and a successful public listing, all aimed at paving the way for the company's accelerated path to profitability.
The FY23 financial statements of BPG are still in the process of being audited; BPG is not aware of any likely qualifications. Meanwhile, the company is not proposing to pay dividends for the year ending 31 March 2023.
The unaudited result was in line with the Board's expectations for the year-end and sees BPG further continue to deliver on its drive to profitability in FY24.
The company's total subscription revenue increased by 97%, gross profit by 264%, customer base by 496%, and net assets by 85%. Meanwhile, the company's total operating costs in the last financial year was NZ$7.9 million.
"For technology companies, profit is the new growth. Over the FY23 financial year, there was a seismic shift in how technology companies were valued, with a premium being placed on profitability. BPG worked hard over FY23 to not only get ahead of this trend but to ideally position itself to capitalise on it," says Karen Cargill, the chief financial officer of the Blackpearl Group.
"Given the stability of the company's servicing costs, the availability of affordable and flexible resources, and the rapid growth of BPG's data services, the Board expresses strong confidence in BPG's favourable positioning to achieve substantial results in FY24 and beyond."
"These results bode well for our ongoing path to profitability and are testament to the hard work, focus and first-rate professionalism of our team, since joining the NZX in December 2022," adds Nick Lissette, the founder and chief executive officer of the Blackpearl Group.
"Blackpearl Group is a data technology company, relentlessly focused on unlocking the potential of data for small and medium-sized businesses. We build, acquire, and market cutting-edge, cloud-based services that empower businesses to make data-driven decisions, drive productivity, and generate demand. Our suite of tools and applications are designed to help businesses of all sizes harness get trenchancy over their data, facilitating better decisions and unlocking new revenue opportunities."
"Blackpearl Group's vision of better growth, together is fulfilled through our proprietary platform, the Pearl Engine, that delivers immediate capability to products we build or acquire at near zero marginal cost," adds Lissette.
"The Pearl Engine platform itself is a unique array of technology, algorithms, systems and code all built and refined by data. Through APIs, companies and applications within the Blackpearl Group can access feature sets, code or data pools. Time and money are the scarcest resource of any business. Companies within the Blackpearl Group can access select elements or entire components of the Pearl Engine at near zero marginal cost. In some instances, this can save millions of dollars and years of time in R&D."
