In morning trade the Pushpay Holdings Ltd (ASX: PPH) share price has raced higher following the release of a positive update.
At the time of writing the payment solutions company’s shares are up 5% to an all-time high of $3.99.
What was in the update?
This morning Pushpay advised that it has achieved its target of US$100 million in annualised committed monthly revenue (ACMR) ahead of schedule.
Originally the company had aimed to reach the ACMR milestone by the end of March 2018, but achieved it by the end of December.
Unsurprisingly, this strong performance means that Pushpay remains in a position to reach its FY 2018 revenue target of US$70 million. Furthermore, management continues to expect to be breakeven on a monthly cash flow basis by the end of the 2018 calendar year.
But the company isn’t resting on its laurels by any means. CEO and co-founder Chris Heaslip advised that the company intends to continue its focus on scaling the Pushpay business in the U.S. faith sector in order to maximise shareholder value over the long-term.
Should you invest?
However, its shares are a touch expensive after an impressive run last year, so they would be higher risk than the average investment. But ultimately I think the rewards on offer in the long-term more than make up for this.