SLI growth close on forecast

Last updated 11:24 28/07/2014

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Shares in NZX-listed e-commerce company SLI have jumped after it reported a 16 per cent rise in revenues in the year to June.

The to $22 million revenue was roughly in line with its prospectus forecast of $22.2m. However, its annualised monthly revenue in June was $25m, a little further shy of its $26m prospectus forecast.

SLI's shares were up 8.5 per cent at $1.41 in late-morning trading after the announcement.

Chief executive Shaun Ryan said the company's as-yet undisclosed loss would be smaller than its $7.2m forecast because it was slightly behind schedule building up its sales and marketing team. Last year it posted a $2m loss.

The results are unaudited - audited results due are to be published on August 26.

SLI's "self-learning" cloud-based software is used by 510 online retailers to make it easier for customers to find products on their websites.

It floated on the NZX in May last year.

After climbing as high as $2.95, its shares subsequently sagged and closed yesterday 13 per cent below their original $1.50 issue price.

"Revenue has benefited from the good progress we have made recruiting large e-commerce sites, which take longer to engage but generate higher average monthly revenue and provide an outstanding opportunity to showcase SLI's capabilities to a greater number of this type of customer," Ryan said.

"We continue to look forward to the 2015 financial year with confidence in our ability to take advantage of the operating resources we have built during the year and the significant opportunities we see for the business."

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- The Dominion Post

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