Microsoft partner and data intelligence company Invigor Group saw its half-year revenues rise on the back of contract wins with whitegoods giant The Good Guys and a number of WeChat Pay deployments.
In an ASX announcement (pdf) released today, Invigor's revenue for the six months ended 30 June 2019 was $2.3 million, up 29 percent from $1.8 million in the same half last year.
Growth in the company’s Loyalty and Pricing divisions and from TillerStack Field Force Management helped boost overall growth, along with The Good Guys contract for its Pricing Solutions technology platform and a number of WeChat Pay deployments in Asia.
The WeChat Pay business was established last year, mainly focused on Singapore. Invigor said some 40 merchants are now signed up to the platform, including a specialty fashion group and its 50 stores.
Invigor also revealed it will roll out its Shopper Insights solution to a “major” Australian liquor retailer, and is also working with partner Adfreeway for an upcoming advertising product.
EBITDA and profitability however declined due to a $6.65 million write off related to its decision to stop capitalising software development as it moves to services. Invigor’s EBITDA declined 33 percent to a loss of $1.6 million, while the net loss after tax ballooned to $8.9 million, compared to a $3.6 million loss the previous year.
In spite of that, Invigor chief executive Gary Cohen said the company is in place to pursue “complementary growth opportunities”.
“This half we have taken the opportunity to write off intangibles and goodwill, significantly reduce our cost base and put in place concrete plans to repair our balance sheet so we can pursue complementary growth opportunities,” Cohen said.
“There is considerable interest in our technology and the operations we have established in Australia and more recently Asia, and we are going to capitalise on this investment for the benefit of all shareholders.”