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Nuix optimistic despite ‘challenging year’
The listed software company has delivered its financial results for the year ended 30 June, noting that despite the challenging year it’s seen many wins.
Emma Musgrave
In the 12 months to 30 June 2021, Nuix has recorded statutory and pro forma revenue of $176.1 million, marking an increase of 0.1 per cent from the previous financial year.
Statutory revenue rose to $176.1 million, representing a 0.1 per cent increase on a functional currency basis and 7.4 per cent on a constant currency basis. The group noted new business contributed $27.6 million to the revenue outcome, with subscription-based revenue rising to 93 per cent of total revenue.
The 12 months to 30 June saw Nuix contract 100 new customers, with the average new order value sitting at $240,000. Multi-year deals were a popular choice for customers, with these deals seeing 36.3 per cent of revenue for the full year. Touching on Australia specifically, Nuix noted that Discover SaaS data under management “tripled” over the period.
In delivering the results, Nuix group chief executive officer Rod Vawdrey acknowledged the “challenging” year Nuix and its shareholders had experienced but said that despite this, the team “has delivered significant customer wins, important technology developments and strategic expansion”.
“We are optimistic and remain confident in Nuix’s future. Our employee base continues to grow, and our technology is best in class, and critical for our customers and partners. Further investment in our technology will enhance and consolidate Nuix’s market position,” he added.
Commenting further Nuix chairman Jeff Bleich said: “The Board and senior management are focussed on strengthening all aspects of the company and addressing the issues that surfaced during our first eight months as a publicly listed company.
“Progress on our agenda continues apace with expansion of our Board through the pending appointment of two additional independent non-executive directors and a strong field of candidates for the CEO position. We have concentrated on our valued team members around the globe to ensure they have the right support and incentives to drive future success.
“...I’m confident we are in the process of emerging as a stronger business that can reach its incredible potential.”
In June, Nuix’s chief financial officer, Stephen Doyle, was terminated at the same time that Mr Vawdrey announced his retirement.
Both announcements were made to the ASX on Tuesday, 15 June and followed reports of investor backlash.
Soon after the group became aware that it is subject to an ASIC probe that concerns the financial statements of Nuix Limited for the period ended 30 June 2018, 30 June 2019 and 30 June 2020; Nuix’s prospectus dated 18 November 2020; and, Nuix’s market disclosure in the period between 4 December 2020 to 31 May 2021.
“Nuix has not received any formal notification of an investigation from ASIC and remains confident that it has complied with its accounting and disclosure obligations,” said the group in early August.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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