Donation system operator Pushpay
(ASX:PPH) has released its FY21results, indicating a rise in net earnings of almost 100 per cent to $41.1 million for the full year period ending on March 31.
The faith-focused developer of donation-processing platforms reported an increase in annual revenue of 39 per cent to $232.4 million for the fiscal year.
Pushpay
(ASX:PPH) has linked this upturn to the increased demand for digital transactions and transfers in the religious sector, as the pandemic’s social restrictions hampered physical interaction normally enjoyed during on-site religious services.
The $1.65 billion company utilises cloud technology to host online payment platforms for charities and faith-based organisations. Their platforms’ popularity grew as its subscriber base expanded during a financial year that was characterised by COVID-driven social distancing.
Pushpay’s CEO Molly Matthews described the company’s performance during FY21, “Pushpay continued its momentum throughout the 2021 financial year, delivering strong revenue growth, cash flow growth, expanding operating margins and (underlying earnings) growth.”
The US non-secular donation industry generates around $167 billion in donation turnover, according to data from industry researchers. Its donation transactions were worth $6.9 billion in FY21, as the company’s market share increased in conjunction with its exposure to parishioners. Pushpay recorded a 39 per cent rise in the total volume of donations processed on their platforms in this period.
The dual-listed firm on the Australian and New Zealand benchmarks intends to invest as much as $US8 million to diversify from its traditional protestant market into the catholic community.
Shares in Pushpay
(ASX:PPH) are trading 2.01 per cent higher at $1.52
