The donor management system software company Pushpay has reported a strong first half net profit driven up by volume and revenue growth.
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"We increased the number of products purchased and welcomed new customers, while continuing to successfully realise strategic product bundling opportunities within the customer base," Pushpay chief executive Molly Matthews said in a statement to the market.
Financial result for six ended 30 September 22
- Net profit up 43 percent to US$19.1million
- Revenue up 9 percent to US$93.5 million
- Processing volume up 9 percent to US$3.5 billion
- Gross margin 69 percent up from 68 percent
Pushpay is listed on the New Zealand stock exchange but sold payments is US-based and sells mostly to US charities and churches.
Matthews said the company completed the purchase of media company Resi Media over the period, which was reflected in the result.
The additional products had enhanced Pushpay's offering to its customers, which were primarily United States-based faith organisations.
Matthews said there had been an increase in the number of donors switching from cash to digital over the six-month period as a result of the pandemic, and those numbers were holding steady.
There had been an increase in competition for tech staff in the US and New Zealand during the pandemic, which was driving up salaries.
The company's expansion into the Catholic faith sector was expected to see continued growth for the business, she said.
"As we shared at the start of the financial year, the Catholic initiative is our first step in investing to grow our customer base outside of our existing core customer base, and we have set the goal of acquiring more than 25 percent of the Catholic church management system and donor management system market over the next five years."
She said the company expected to make a full year underlying profit in the order of US$60m to $65m - or between US$62m and US$67m excluding the costs associated with its investment in building its share of the Catholic donation market.