The company said total recurring revenue in the December quarter rose to $461,400 from $235,400 in the same quarter of 2018, the number of payroll customers rose to 2,434 from 1,171 and the number of employees covered rose to 13,349 from 6,227.
The gross value of payroll processed rose the $160.3 million from $73 million.
On the first trading day of 2020, stock exchange operator NZX queried PaySauce on the increase in its share price from 56 cents on Dec. 24 to 96 cents on Dec. 31, a 71.4 per cent increase, and the company said it was complying with NZX disclosure rules. On Jan. 3 the shares traded as high as $1.40.
The shares ended yesterday at 92 cents.
Late last year, the company said it was planning to raise fresh capital, most likely through a rights issue.
While Andrew Barnes stepped down as chair on December 31, he remains the major shareholder and has committed to at least taking up the rights for his more than 20 per cent stake.
READ MORE:
• Four-day week champion Andrew Barnes buys Spark Foundation's Givealittle
PaySauce, which targets small to medium-sized businesses, reported an $862,028 loss for the six months ended September, down from a $2.51 million net loss in the same six months last year.
It had negative equity of $2.52 million at Sept. 30 and accumulated losses to that date of $7.03 million.
However, cashflow in the latest six months rose to $4.4 million from $828,976 in the year-earlier six months and it had $11.5 million net cash at balance date.
PaySauce listed on NZX on Dec. 21, 2018 via a backdoor listing through the shell of Energy Mad.
- BusinessDesk