TASK Group boasts NZD$62.9m in FY23 revenue, exceeding predictions

ASX and NZX listed PoS platform vendor TASK Group has announced its results for the financial year ending in March 2023 (FY23).

The company saw a 99 per cent increase in revenue to NZD$64.9 million, up from NZD$32.6m in FY22, which TASK Group said exceeded its revised guidance of NZD$59m – $62m.

Recurring revenue for the combined group in FY23 was NZD$56.6m, up 123 per cent from FY22 and its SaaS revenue this financial year was NZD$38.1m, up 110 per cent from FY22.

TASK Group also shared that an improvement in earnings of NZD$24.9m delivered an adjusted EBITDA of NZD$11.9m, a turnaround from its FY22 which was NZD$12.9m.

However, the net profit after tax was NZD$400,000, which is turnaround from a loss of NZD$24.3m the previous year.

The company’s chief executive Dan Houden said “following the successful renegotiation of a new commercial contract with McDonald’s, we have delivered on the turnaround of the Plexure division and set the business up for profitable growth.”

Eight months into a new 5-year commercial contract with McDonald's, the company’s Plexure FY23 division revenue has gone up 83 per cent to NZD$47.8m. The company stated the platform is now running at record customer numbers and engagement.

“Our FY23 results, exceeding both our revenue and earnings guidance, underlines the strength of our platform and our people,” Houdon said.

“During the year, we have continued to develop new features and improve the performance of our platforms, providing significant benefits for our existing and new customers,” he added.

The company sustained operating cost management with NZD$28.3m, up 132 per cent from FY22, while investing in global growth.

TASK Group stated that it will continue investing in global growth over the next financial year, including US expansion among quick service restaurants and sport and entertainment customers, as well as entering new geographies and industries.

The company said its launch of the new white label Mobile Order and Pay app and global end-to-end platform positioned it to reach new customers.

Houden said, “Our global end-to-end platform presents us with attractive organic opportunities globally and ensures that we continue to provide a world-class experience for our customers globally.”

“Combined with further investment in our platform, people and new lines of business, we are confident that we can deliver strong profitable growth in the year ahead.”

TASK Group expects its acquisition of payments software IP to help it sustain a new revenue stream.