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”.

Pureprofile’s financial results released today (Click to enlarge)

Today, in its statutory results, the company revealed its revenues were down 27.1% to $37.875m for the 2019 financial year. It made a loss of $456,684 before interest, tax, depreciation and amortisation (EBITDA), a decline of 161.6%.

Revenue from continuing business for the 2019 financial year was $26.8m, up from $25.4m last financial year, and the data and insights arm of the business was up 15% from FY18’s $16.1m to $18.4m.

Pureprofile’s business units’ performance (Click to enlarge)

The loss from ordinary activities was $10.702m, down 58.8%.

It has, however, reached an agreement on its existing loan facilities with Lucerne.

From September 1, the maturity date will be extended to October 1 next year. Interest will be repaid at 20% on all draw-down facilities.

Edwards said the new debt arrangement gave the company more certainty as it attempts to turn things around in the 2020 financial year.

Lucerne’s co-founder and head of funds management, Aaryn Nania, will be replacing Jones on the Pureprofile board as a non-executive director.

Jones said it had been a busy year for the business, and he looked forward to seeing what it did next.

“I’m grateful for having been given the opportunity to oversee the positive transformation of Pureprofile,” he said. “It has been a busy year for Pureprofile and I look forward to seeing Pureprofile reach its full potential.

Jones is moving on from Pureprofile

“I would also like to thank our talented staff, who have been a joy to work with and an absolute asset. This has been a truly rewarding experience and I wish the company every success in its future.”

Edwards praised Jones’ efforts to transform the company.

“On behalf of the board, I’d like to thank Nic for his contributions to the company during a challenging period in which he successfully restructured and turned around the business,” he said.

“With a new financial year upon us, and the company in a much stronger position, the current management team are well positioned to capitalise on the momentum built with Nic over the last 18 months.”

The changes will also see former CFO Melinda Sheppard promoted to chief operating officer.

To understand more about Nic Jones’ time with Pureprofile, and what might be next for the company, you can read Best of the Week: An impossible job on Mumbrella Pro. A seven-day free trial is available now for new subscribers. Mumbrella Pro also features audio and video from Mumbrella’s suite of conferences, including Mumbrella360 and the recent Finance Marketing Summit and Health Marketing Summit. 


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