Pureprofile says it will be more ‘agile’, but is still hampered by debt

Pureprofile’s chairman Andrew Edwards has told investors the financially troubled organisation is now more “nimble, agile, empowered, focussed and supportive”.

Despite his optimism, however, he did concede that the research, data and insights company remains inquisitive about its debt facilities and is open to exploring alternative options.

Pureprofile has had a financially difficult calendar year 

In September, Pureprofile’s auditors Grant Thornton issued a warning, noting Pureprofile incurred a net loss of $14,460,042 during the year ended 30 June, 2019, and as of that date, its liabilities exceeded its assets by $20,139,244.

The auditors said this indicated “that a material uncertainty exists that may cast doubt on the group’s ability to continue as a going concern”.

At this morning’s annual general meeting though, Edwards said the company was transforming.

“We have become more nimble with a smaller group of executives who are collaborative. We have shifted our approach to be more agile around product development. We have empowered the executive team to make more decisions. We have further solidified our offering, providing further direction and clarity around which our team can focus. And we are all now supporting areas of the business that are key to our core beliefs, are growing and that positively contribute to the bottom line,” he said.

“One thing that has been pleasing about the past year is that whilst clients have voiced their concerns throughout the company’s challenges and the resultant strain on our share price, they have remained clients.”

He said the company remains focussed on returning to a cash flow positive position, and noted the full benefits of cost reductions are yet to be realised.

On the company’s debt issues, he said: “We remain cognisant that the company is carrying a large amount of debt, and whilst we remain confident in our ability to manage this over time and have the support of our lender, we also remain inquisitive and open to other financial options. The board will continue to explore opportunities as and when they arise.”


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