Blackpearl Group’s Revenue Skyrockets By 221% In FY2024 Interim Results

Published: Thu 30 Nov 2023 03:35 PM
Annual Recurring Revenue soaring by 221% and Gross Profit up 284%: Blackpearl Groups' Record-Breaking 2023
Blackpearl Group Limited (NZX:BPG) proudly announces its exceptional financial results for the six months ending 30 September 2023, reflecting unprecedented growth driven by strategic initiatives and technological advancements.
In the fiscal half-year, BPG witnessed substantial increases in key financial metrics. Subscription revenue surged by 163% year-on-year, reaching an impressive $1.5 million by 30 September 2023. Annual Recurring Revenue (ARR) achieved an outstanding 221% year-on-year increase, totaling $4.6 million.
Gross profit experienced an extraordinary 284% year-over-year growth, exceeding $1 million. The gross profit margin marked an increase from 46% to 67% year-on-year. The balance sheet strength was evident as BPG successfully removed $3 million in liabilities within the 6-month period since 31 March 2023.
CEO Nick Lissette said about the results, "At Blackpearl Group, we're thrilled to share that our recent financial results are the best we've ever seen. It's all thanks to our smart plans and cool tech improvements. We're always working hard to make things better.”
Providing further insight into the results, Lissette stated, "Over the past half-year, Blackpearl Group has balanced exponential growth with a drive towards consistent and recurring profitability. Our $25 million investment in core technology serves as a catalyst that bridges this gap, enabling us to thrive. The rapid success of, achieving over $1 million in ARR within 5 months of its launch, exemplifies our strategic focus and capability."
A targeted strategy in the United States SME sector solidified BPG's position, with a portfolio of over 3,800 clients contributing to stability and a low revenue churn rate of 3.3%. The strategic acquisition of Newoldstamp, NZX Listing, and a $1.3 million investment in operational growth have strengthened BPG's market presence and resource base.
Technological advancements and product innovation have been fundamental for BPG's success. With an investment exceeding $25 million, BPG's proprietary Pearl Engine has become the cornerstone of its product offerings, fortifying the market position through advanced technology.
“Blackpearl Group remains focused on robust growth and assured profitability. Our commitment to innovation, market expansion, and customer-centric product development positions us for significant expansions and new ventures. The strategic investment in core technologies, particularly the Pearl Engine, is central to bridging the gap between growth and profitability,” Lissette concluded.
Other notable achievements include reaching $5 million ARR as of 31 October 2023 and raising $3.8 million post-30th September 2023 from placements to wholesale investors and a Share Purchase Plan to retail investors.

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