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Pushpay can't explain share slump

NZ Newswire logoNZ Newswire 14/12/2016 Sophie Boot

Pushpay Holdings, the mobile payments app developer, says it has nothing material to tell the market after its share price dropped 27 per cent this month, triggering a query from the NZX.

NZX sent the 'please explain' note after the shares dropped from $1.78 on November 30 to $1.30 at 3:50pm on Wednesday.

The shares closed at $1.29 and are down 26 per cent this year.

"We are not aware of any material matters relating to company performance that would explain Pushpay's recent share price movements, and do not consider that the current share price is reflective of Pushpay's performance and outlook," said Sarah Elder, Pushpay's investor relations spokeswoman.

She said the company wanted to take the opportunity to note it was exceeding its guidance, was on track to meet its targets and was making progress in the US.

Last month, Pushpay said it would acquire a church app business from Bluebridge Digital for $US3.1 million, continuing an expansion that saw revenue soar 308 per cent in the first half while its net loss widened.

Pushpay is targeting US churches with technology that makes it easy for congregations to make donations using their mobile phones and is expanding its mobile payment app to help people pay utility bills.

The company will release a quarterly update on January 11, it said.

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