Pureprofile CEO Nic Jones Resigns

In Australia Nic Jones, CEO and MD of online research and digital ad targeting platform Pureprofile has resigned, after the company posted a $10.7m full-year net loss after tax in its statutory results and announced it had renegotiated its debt facilities.

Pureprofile collects consumers' profile data in exchange for rewards, and offers ad targeting, content strategy and research panel services. The company has been restructuring in an attempt to turn round its fortunes: in February it sold off the Australia and New Zealand divisions of its Cohort data insights, programmatic media and lead generation business for $500k, following last October's sale of its Media Trading Business. According to Pureprofile, these sales allow it to focus on its core strengths in Data & Insights and Media.

Earlier this month, the company reported a $0.7m loss in its unaudited financials, while noting total debt of $16.5m. Actual overall revenue was down 27.1% to $37.87m for 2019, while the company's Data and Insights business grew revenue 15% to $18.4m from $16.1m in 2018. The company made an EBITDA loss of $457k during the period - 161.6% greater than last year.

Chairman Andrew Edwards, who will step into Jones' (pictured) shoes temporarily as Executive Chairman, comments: 'On behalf of the board, I'd like to thank Nic for his contributions to the company during a challenging period in which he successfully restructured and turned around the business. With a new financial year upon us, and the company in a much stronger position, the current management team are well positioned to capitalise on the momentum built with Nic over the last eighteen months'.

Edwards says the revised debt arrangements, which include an extension of the maturity date on all facilities to 1st October 2020, setting of the interest rate at 20% pa on all drawn facilities and the removal of a 'Repayment Fee' for its lender Lucerne, 'provide additional certainty for the business as it continues to turn things around in FY2020'.

Web site: www.pureprofile.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.