It has been some time since I did a write up on some of the counters that I am looking at. Procurri is one such counter as I had been monitoring their fortunes since their IPO back in July 2016. Interested investors can read more about Procurri’s IPO from Mr. IPO’s review here.
Without further ado, lets dive into their first full year results which can perhaps best be summarized in one word – Disappointing.
|Source: Procurri Full Year Results Release|
There are 2 main points that I wish to address regarding their results:
1) Weak Revenue Growth
Procurri’s revenue had only grown 10.5% year on year. While 10.5% is considered a pretty outstanding result for most firms, it is pretty abysmal considering that Procurri had boasted of a 108% revenue CAGR in their IPO Prospectus.
2) Declining Profits
While net profits are skewed by one-off IPO expenses, …