Bad news keeps rolling in for GetSwift


First half loss and ASIC probe revealed as bosses get pay rise

Bad news keeps rolling in for GetSwift
Joel Macdonald is flagging GetSwift’s future growth

 

Not many positive developments are going GetSwift’s way at present.

The troubled logistics software firm is under corporate investigation, faces a shareholder class action, has just reported a $5.5 million first-half loss and has seen its share price fall this year from $3.66 to 68 cents from but the good news for MD Joel Macdonald and executive chairman Bane Hunter is the pay rise both will get.

While revenues have risen from $119,967 in the previous first half to $631,543, all other lines went the wrong way, interim results show.

Particularly hefty have been staff expenses, growing from $295,575 to $1.7 million and administrative expenses, from $47,000 to $318,744, along with consultancy expenses, from $117,682 to $278,840, while ‘share based payments’ rose from $63,566 to $3.36 million.

The bottom line is a $5.52 million loss, a fall of 964 per cent from the previous corresponding period’s $525,435.

In the face of this and after a review, Macdonald states that the company’s remuneration committee agreed he and Hunter would have a salary rise to $300,000 a year, up $50,000 and $60,000 respectively.

"Expenditures and investments are managed within the constraints of actual pipeline expectations and market demands," Macdonald says.

"The company will in 2018-2019 increase its capital investment to significantly and strongly increase the onboarding of clients and accelerate its product R&D."

Staffing is expected to continue rising for expansion in the Americas, Europe, Middle East and Asia.

"The company is also increasing its investment in its governance, compliance legal and IR functions as its looks to strengthen these functions," Macdonald says.

Separately, it announced the receipt of an Australian Securities and investments Commission (ASIC) notice to provide documents.

"The ASIC notice records that it should not be construed as an indication by ASIC that a contravention of the law has occurred, not that it should be considered a reflection upon any person or entity," GetSwift says.

 

You can also follow our updates by joining our LinkedIn group or liking us on Facebook