Pureprofile posts $0.7m loss as it explores what to do with its debt
Online survey and consumer profiling business Pureprofile has posted a loss of $700,000 in its unaudited results for the 2019 financial year.
In a note accompanying the results on the ASX, the company said its total debt is now $16.5m, after it increased its debt facility by $3m throughout the year, and took out an additional bridging loan of $2.6m as it attempts to lock in a new finance provider.
Pureprofile’s revenue (unaudited) (Click to enlarge)
The company said to address these high levels of debt, it is “exploring capital restructuring initiatives and other strategic options”.
It does need to do do better.
I aim to please.
Thanks for flagging (and for reading all the way to paragraph 12!)
Vivienne – Mumbrella
Keeping it running on finance in the faint hope they get bailed out by a buyer. In the meantime having to pay off these hefty loan each month must suck at such high interest rates.
The Board and its chairman needs to take some ownerships for those poor acquisition decisions!
They can count themselves very lucky to be collecting a nice pay packet each month while the company is running on the debt treadmill. One big client loss and they would be unable to pay their monthly bills.
They might be able to get out of the debt cycle (takes time) but once they have cleared those debts, they what? They don’t seem to offer anything innovative once you strip away the glossy branding.
I suspect they will continue to operate at a lower top line and perhaps be content with that. Delisting from the ASX seems inevitable.
This reads like a business in a world of trouble.