Business intelligence blog

    Chairman’s update - FY2019 (first half)


    Three new country General Managers drive ongoing success at Phocas

    Highlights

    • Growth in revenue of 27% year on year.
    • Profits 126% above budget.
    • Excellent recruitment across the business: 11 new employees starting across management, development, sales, customer experience and marketing.
    • Phocas User Group valued by customers with 1545 attendees at PUG training programs

    Financial

    We set ourselves a tough financial budget with a significant growth target. We came within a whisker of achieving the revenue target with a year on year growth rate of 27% and profit coming in 126% above budget. Growth was strong across all three operating divisions with the US being the strongest at 36% year on year.

    Strategy

    We continue to develop and refine our five-year strategy focused on customer acquisition, growth and retention through customer service, partner channel development, efficiency, technology and a healthy appetite for strategic risk.

    Partner development

    A key element in achieving our set growth rates is through the development of our partner channels:
    1) Reseller  2) Referral and 3) Integration partners. In the first half FY2019 we secured new partners across the globe and strengthened relationships and trust within our existing partner base. Our worldwide partnership with Epicor added 49 new customers in the US and our new Scandinavian integration partner, Nine Circles had 50 attendees to its launch event in Copenhagen.

    Marketing

    The continued improvement of our inbound marketing, joint marketing with partners and content strategy is helping reach our niche audiences and achieve our growth targets. Some of the key statistics for the first half year are:
    • Website visits up 56%
    • Organic search up 127%
    • 53% of closed deals coming from inbound marketing
    • 1545 attendees to Phocas User Group Training program

    People and Culture

    We appointed new General Managers for all three of our operating divisions. Rick Toepfer moved from Australia to the US and we are very pleased to welcome to the company Mike Hills in the UK and Mark Brixton in Australia. The financial results in the three divisions illustrate how well our new leaders have fitted in to the culture and performed.

    The culture of Phocas is an ongoing driver for our business success and we have recently completed the Organisation Culture Inventory. This was last done in 2016 and is key to helping us monitor and develop a healthy and successful culture.

    Product

    I mentioned in my last update our commitment to Artificial Intelligence (AI). In the second half of FY19 we should see the release Market Basket Analysis, the first in our AI suite of applications. Other areas where we have concentrated research and development resources are:

    • Live data/dashboards
    • Grid development
    • Financial statements
    • Rebates 
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    Written by Paul Magee
    Paul is a perennial entrepreneur with a flair for delighting customers. He is a co-founder and the current Chairman of Phocas.
    Paul is a perennial entrepreneur with a flair for delighting customers. He is a co-founder and the current Chairman of Phocas.
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