ASX:QFE
Quickfee Ltd
Location: Australia
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Given Jennifer Warawa’s significant role in driving sales, onboarding efficiency, and adoption of the Connect platform, what specific measures or criteria will the Board apply in selecting a permanent successor to ensure continuity in these critical areas, and how will the company safeguard against potential disruptions in sales momentum and platform usage during this transitional period?
Jennifer Warawa was the US President of QuickFee for 2.5 years and in that time her major achievement was in refining the product strategy, the marketing strategy and putting the right leaders into the senior management team. As a result of this clear strategic vision, Jennifer and the team were able to drive sales, improve onboarding efficiency and launch the Connect platform, as you correctly identify.
The Board's view is that there is no need for a significant change in strategic direction - the next phase of QuickFee's growth is all about execution. Therefore, the specific criteria that the Board will apply in selecting any successor will be around demonstrated ability to execute operationally and demonstrated ability to manage a team of exceptional performers. The mandate of the next US President will be slightly different from the role required of Jennifer 2.5 years ago which was more about strategy development.
The most important safeguard against potential disruptions in sales momentum and platform usage during this transitional period is the stability, experience and commitment of the current senior leadership team. James Drummond, interim US President, has been with QuickFee for over 10 years, and he is the current COO. He has a deep understanding of all aspects of the business and he has worked closely with Jennifer in all aspects of strategy development and execution. In addition, the CTO, Dave Moore has been instrumental in the development and launch of the Connect platform and he remains committed to his current role.
The Board remains optimistic that the underlying business performance is solid and that the relentless focus on execution will continue to deliver sales and earnings growth moving forward.
Thanks for your interest in QuickFee and please let us know if you have any further questions.
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As QuickFee looks to expand its market presence and scale its solutions, especially through integrations with practice management platforms, can you discuss the company’s ongoing technology investments and how these align with your cost-efficiency objectives?
How is the company balancing the need for technological advancement with stringent cost control, and are there key efficiency benchmarks or ROI expectations driving these tech investments as QuickFee scales?
QuickFee is transitioning into a new phase of its growth journey, in which product development expenses in FY25 will be broadly level or slightly lower than FY24, and we are forecasting profitable operations in FY25, weighted to the second half. We have a scalable business model, and we expect our profitability to continue improving over the years ahead as revenues grow faster than our expenses.
Our ongoing technology investments support new integrations and enhancements for our Connect product, as well as the launch of our payment portal and ongoing improvements across our firm and customer-facing portals. In addition, product maintenance and ongoing security enhancements make up the balance of our product development and IT team. All these initiatives are designed to take advantage of the significant revenue opportunities available in the US market or are necessary to keep our products competitive, modern, and secure.
We have recently switched out a number of full-time employees in the team for lower-cost outsourced software engineers and are using AI to develop and test new code, with a view to ‘do more with less’, in line with our strict discipline on cost control. We continually monitor the ROI in tech investments to ensure capital is allocated efficiently as the company continues growing.