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Pushpay lifts profit forecast in light of Christmas donations surge

Pushpay lifts profit forecast in light of Christmas donations surge

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A surge in donations in the run up to Christmas has seen the mobile payments company, Pushpay, lift its full-year guidance.

Donate, mobile, online.

Pushpay provides mobile donation services to churches and charities in North America (File image).
Photo: 123RF

The New Zealand-owned, US-based company expected its underlying profit for the year ending March to be between $US56 million and $US60m ($NZ78.4m – $ NZ84m), up from its previous forecast of $US54m and $US58m ($NZ75.6m – $NZ81.2m).

Its underlying profit for the year earlier was $US25.1m ($NZ35.15m).

Pushpay provides mobile donation services to churches and charities in North America.

In an update to the stock exchange, the company said donation volumes over the month of December had exceeded internal forecasts, boosting underlying earnings.

“While December donation volumes are usually significantly higher than other months partially driven by tax year-end giving in the US, the level of the increase can vary from year to year.”

The company advised it had started pouring money into the development of a new product offering for Catholic customers.

“Focused investment into the Catholic segment represents a significant milestone as Pushpay continues to execute on its strategy to become the preferred provider of mission critical software to the US faith sector.”

Changes at the top

The company also appointed its chief customer officer, Molly Matthews, to chief executive.

She replaces Bruce Gordon who announced his plans to retire, once a suitable replacement was found, at last year’s annual meeting.

He would remain with the company as a director on its board.

The company’s chairperson, Graham Shaw, said Matthews was the right person to take the reigns of the company.

“Molly has a deep understanding of the US faith and non-profit marketplaces and exceptional customer knowledge which is critical to Pushpay’s success.

“Molly brings a proven strategic capability to the role focused on continued growth and expansion by delivering on our strategic goals.”

Matthews, who joined the company four years ago, said she was excited by the new opportunity.

“Pushpay is an extraordinary business with a unique value proposition, and I look forward to being a part of our next phase of growth as we continue to serve our customers with innovative, market leading software solutions.”

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