- Shares in business analytics company 9 Spokes International (9SP) have closed grey this afternoon following the company’s latest annual financial report
- The company’s revenue fell a slight 4 per cent to NZ$6.6 million (around A$6.2 million) over the 12 months to the end of March 2021
- In line with this, 9 Spokes’ annual loss deepened by 5 per cent to NZ$5.1 million (around A$4.8 million)
- 9 Spokes CEO and Co-Founder Adrian Grant said while COVID-19 made it difficult for the company to hit some key targets over the year
- However, he said the pandemic has also accelerated the need for “data-insight driven solutions that can accommodate new ways of working”
- As such, while 9 Spokes did not provide a financial guidance for the 2022 financial year, the company said it has key goals in place regarding partnerships, growth, innovation and performance
- There was little reaction to the annual report from investors today, with 9SP shares closing grey at 1.7 cents each
Shares in business analytics company 9 Spokes International (9SP) have closed grey this afternoon following the company’s latest annual financial report.
The company highlighted slight declines in revenue and profit for the 12 months to the end of March 2021 as the business dealt with the global strains brought about by the COVID-19 pandemic.
9 Spokes focusses on helping small businesses manage their day-to-day operations and track key metrics across marketing, social media, sales, finance and more.
Over the company’s 2021 financial year, 9 Spokes flagged a 4 per cent fall in annual revenue to NZ$6.6 million (around A$6.2 million), compared to the NZ$6.9 million (around A$6.5 million) over the 2020 financial year.
With expenses climbing roughly NZ$400,000 (around A$375,000) to NZ$11.6 million (around A$10.9) compared to the year before, the result was a net loss before tax of NZ$5.1 million (around A$4.8 million). This is five per cent deeper than the 2020 financial year’s NZ$4.9 million (around A$4.6 million) loss.
However, 9 Spokes claims that baselines expenditure went unchanged over the 2021 financial year compared to the year before; rather, it was a strengthening of the New Zealand dollar that brought about the rise in costs and subsequent slip in profit.
Still, the company had NZ$8.84 million (around $8.29 million) of cash in the bank at the end of March this year.
What’s next?
Looking ahead, 9 Spokes CEO and Co-Founder Adrian Grant said while COVID-19 made it difficult for the company to hit some key targets over the year, the pandemic has also accelerated the need for business data.
“Businesses and organisations are hungry for data-insight driven solutions that can accommodate new ways of working,” Adrian said.
“As this market evolves, and the pace of challenger fintechs entering the financial services market quickens, financial institutions are increasingly receptive to conversations regarding our open data platform and the benefits this can provide in meeting changed expectation,” he said.
He said COVID-19 has made business planning difficult, but the company has key goals in place regarding partnerships, growth, innovation and performance.
The 9 Spokes CEO did not give any financial guidance for the 2022 financial year but said the company plans to release a market update later this week to provide a “detailed view” of its vision.
There was little reaction to the annual report from investors today, with 9SP shares trading slightly lower for the majority of the day until closing grey at 1.7 cents each.