On 8 February 2019, Australian financial technology company, Integrated Payment Technologies Limited (ASX: IP1) released an announcement regarding its corporate update and strategic review. Following the release of this announcement, the share price of the company increased by 16.667 percent as on 8 February 2019.
The company recently conducted a strategic review of the Company’s product development, business focus, and financial and human resources. As per the company’s announcement, as a result of the review, Mr. Robin Beauchamp will step down from his current role as CEO of the Company, effective from 8 February 2019. The Company’s Board is going to start a search for its new CEO who will lead the Company in its revised strategy.
A recent Board review of the Company’s strategic direction and focus identified the objective of generating greater income streams from ClickSuper and the Company’s STP (Single Touch Payroll) products and services through new client contracts. IP1’s ClickSuper service provides clearing house services to employers which are having 20 or more employees and for SMEs (Small and Medium Enterprise) with less than 20 employees. The company’s PayVu platform provides bookkeepers, accountants, and other professional advisory providers service to reduce the time spent on payment administration, increase client services and boosting the profit margins of accountants.
The recently conducted review has identified the objective of releasing of PayVu on 21st February 2019 with associated early adopter commitment to the product and achieve greater income streams from new PayVu clients with user profiles similar to early adopters. In the last one year, PayVu has evolved from a SME business owner payment assistant to a fully automated multi-platform, multi-role payments engine. While doing a review of staffing and resources of the business which is necessary to implement the company revised strategy, the Board has started a review to determine if there is a need for additional capital beyond June 2019.
Recently, the company provided its quarterly update for the December quarter. In the 2018 December quarter, the company reported gross profit of $ 383,954, signifying rise of 42.8% on Q-o-Q basis. As at 31 December 2018, the company had cash in hand of $1,086,045.
The ClickSuper Single Touch Payroll (STP) service has continued to grow as more ClickSuper customers bundle STP with their superannuation service to receive a 20% discount on their STP fees. The company has also experienced significant interest from two superannuation funds looking to deliver an STP service for its customers. For the year ended 30 June 2018, the company reported a net loss before tax of $3,087,152.
In the last six months, the share price of the company increased by 14.29% as on 6 February 2019. IP1’s shares traded at $0.028 with a market capitalization of circa $3.71 million as on 8 February 2019 (AEST 2:14 PM).
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