Briefing

Lightspeed POS jumps on first earnings report

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The point-of-sale company brought in $77.5 million in revenue in its 2019 fiscal year, which ended on March 31, a 36 per cent increase over the previous year. Fourth-quarter sales grew to $21.3 million, compared to $15.7 million in fiscal 2018. The Montreal-based firm also announced the previously-undisclosed acquisition of Chronogolf, a club- and course-management tool based on Lightspeed’s platform. The stock rose 13.78 per cent by late Friday trading. (The Logic)

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Talking point: The growth was driven by an increase in the number of merchants using Lightspeed in their stores and restaurants, from 41,000 in fiscal 2018 to 49,000 in fiscal 2019. That’s a bigger jump than each of the two previous years. The company had a strong year in North America, with U.S. and Canada sales remaining steady at 69.5 per cent, compared to 70.0 per cent the previous year. But growth outside the company’s home base could soon pick up. As my colleague Zane reported earlier in May, Lightspeed is looking to recruit salespeople in the U.K., the Netherlands and Belgium, as well as a business development representative in Australia.