Nic Jones resigns from CEO position at Pureprofile
Nic Jones, the CEO of the financially troubled Pureprofile, has resigned, with chairman Andrew Edwards to fill the void as executive chairman.
The changes are effective immediately, and come as the company posted a $10.7m net loss after tax to the ASX, and announced amendments to its debt facilities.
Jones had been attempting to turn the company’s fortunes around, and previously admitted it needed to get better at communicating with the market about what it actually does.
Two weeks ago, Pureprofile released its unaudited results to the ASX, revealing a $0.7m loss. Within that announcement, the company noted its total debt was $16.5m and that it was“exploring capital restructuring initiatives and other strategic options”.
A 20% loan? These guys are sharp negotiators.
Or does it value the risk in the business correctly?
Hello Mumbrella, these numbers reported aren’t accurate as it doesn’t tell the whole/real story. Doesn’t accurately differentiate between EBITDA v NPAT figures which we all know are very different and continuing business is up. As a Mumbrella supporter not keen on driving traffic elsewhere but the Adnews story was the accurate one with the key (correct) figures:
– full year loss of $10.7 million and renegotiated its debt at a 20% interest rate.
– overall revenue down 27.1% to $37.87million but growth in its core Data and Insights business with revenue up 14% to $18.4 million.
– continuing business revenue was $26.8 million, up from $25.4million.
Best to to fix up this story guys. Love your work.
Hi Jason,
Thanks for your comment and ongoing support.
Re your corrections, and my figures being incorrect vs AdNews’ figures:
– full year loss of $10.7 million and renegotiated its debt at a 20% interest rate.
My story says this already.
My second paragraph says: “the company posted a $10.7m net loss after tax to the ASX, and announced amendments to its debt facilities”.
Further down, I cite the 20% interest rate: “Interest will be repaid at 20% on all draw-down facilities.”
– overall revenue down 27.1% to $37.87million but growth in its core Data and Insights business with revenue up 14% to $18.4 million.
I say: “in its statutory results, the company revealed its revenues were down 27.1% to $37.875m for the 2019 financial year.” I have the screenshot from Appendix 4E which shows this, directly above it.
I have added in a line re the growth in data and insights business, and a table to show the breakdown of the business units. Thanks for pointing out this was missing.
– continuing business revenue was $26.8 million, up from $25.4million
In this instance, I have cited the revenues from ordinary activities ($37.875m, down 27.1%) as per the previously mentioned screenshot.
I have added in the figure about continuing business revenue for clarity:
“Revenue from continuing business for the 2019 financial year was $26.8m, up from $25.4m last financial year.”
Apologies for any confusion, and hopefully this makes it clearer.
Vivienne – Mumbrella
Does anyone actually care about what is happening at Pure Profile?
Never have I seen such an irrelevant company receive so much coverage
I’m interested, if you aren’t maybe don’t click on the articles?
Good man near impossible task
How are they still on the ASX?
Surely bankruptcy is on the cards.
No, far from it. Strong cashflow, improving revenues, some silly acquisition mistakes, however – this company is ripe for takeover and is probably in play now.