Pureprofile Limited’s (ASX: PPL) Impairments Cost Increased The FY18 Loss From $12 Million To $26 Million

In the 2018 annual report, Pureprofile Limited (ASX: PPL) announced the statutory loss after tax of $26.0 million but to the contrary in the preliminary financial results the company posted statutory loss of $12.1 million for the year ended 30 June 2018.

However, the top line remains the same which means the difference arises from the variance in expenses as declared in unaudited preliminary financial report and as in audited annual report release, reflecting a considerate difference of $13.9 million in loss.

In a clarification to this difference the company said that it is due to additional impairment of goodwill in the Cohort business and Cohort platform which was recognized and disclosed later, being reflected in the Annual Report. Further, the company told that to drive efficiencies all digital assets and campaign management functionality have been migrated into Pureprofile’s existing capabilities. As a result, the Cohort technology will be decommissioned, and its book value had been written down in FY18. These impairments accounted for nearly $18 million of loss as stated in 2018 Annual Report.  [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

Total revenue for fiscal year 2018 was $52 million, down 2% compared to FY2017, thereby delivering lower average gross margin of 47%, down from 49% in FY2017. Normalized EBITDA for FY2018 was $1.2 million down from $3.3 million in FY2017. As at 30 June 2018, cash in hand was $2.48 million.

The share price of Pureprofile Limited last traded at $0.115 on 3rd October 2018. The stock has seen a performance change of -53.06% over the past one year.

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