Pureprofile posts new record revenue in Q2 FY23, boosted by data and insights division

ASX-listed research and media company Pureprofile has posted a record $12.8 million in revenue during Q2 FY23, which ended 31 December 2022.

The company saw strong growth in its data and insights division with new clients across all markets.

The revenue number signals a further increase following its record Q1 result, which was $12 million in revenue. EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the second quarter was $1.2 million, representing a 9% EBITDA margin up from the 8% achieved in Q1.

[click to enlarge]: Q2 FY23 highlight

In other divisions, the SaaS (software-as-a-service) platform revenue was up $1.3 million, up 29% on Q2 FY2022, driven by an increase in the Audience Builder solution.

However, the revenue for Pure.amplify business has declined 31% on the prior corresponding period,  by $1.2 million, in part due to the closure of its non-profitable UK business. The Australian business experienced a 14% reduction in revenue compared to the same time 2022, which was attributed to macro conditions affecting advertising markets.

Pureprofile’s first half year of 2023 delivered revenue of $24.8 million and $2.2 million in EBITDA, with a 9% EBITDA margin. While the margin was in line with guidance, the EBITDA for H1 FY23 was down $320,000 on the previous corresponding period.

[click to enlarge]: H1 FY23 highlight

It maintained guidance for full-year revenue within the range of $48 million and $52 million, and EBITDA margin to be between 9% and 10%.

Pureprofile’s operating cashflow and cash balance remained positive and were in line with expectations for H1 FY23, due to the additional expenses and one-off costs signalled at the start of FY23.

Pureprofile CEO Martin Filz said “We’re really pleased to see that the business is progressing to plan, with Q2 showing record revenues for the company and an increase in EBITDA margin.

“The advertising market was soft as expected and reinforces our decision to close the UK performance business last year. Data and Insights continue to perform very well, with regions outside of APAC especially strong, reporting 49% growth. This is where we made most of our investments in Q4 FY22, so great to see those investments paying off.

“Forward metrics such as bids and client wins indicate that we are tracking well for H2 FY23.”

On 30 January, Pureprofile trades at $0.038 and had a market capitalisation of $43.98 million.


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