QuickFee escapes coronavirus impact so far, sees it as an opportunity
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QuickFee (ASX:QFE), which operates a platform helping accountants and lawyers get paid, hasn’t been hit by COVID-19. In fact, it thinks it could benefit.
CEO Bruce Coombes told Stockhead there had been “no impact at all” to the business.
In a market announcement, QuickFee argued that small to medium enterprises (SMEs) needed more advice not less.
“The accounting and legal professions are resilient and generally non-cyclical businesses,” the company said.
“There is potential for accounting firms to have SME clients seeking more advice in tough times as has been seen in the past. Paying for such advice using a QuickFee payment plan may be particularly attractive.”
The company also reported solid transaction growth in February. It booked 11,000 transactions, up from 9,000 in January 2020 and 5,000 in February 2019.
The value of these transactions was up as well, from $18.3m to $20.3m in a month — both figures more than double January and February last year.
This was despite February being the month where the crisis spread around the world and started to spook financial markets.
Although QuickFee is being positive about the current global plight, it was not naive to the fact that it could be hit. The company said the biggest risk was reduced attendance or cancellation of accounting conferences.
This is important for QuickFee because it sponsors a number of conferences in the US. The peak season is in May and June, after tax season in April when federal tax returns are due.
Coombes told Stockhead QuickFee sponsored 12 conferences each year, although the largest of these confirmed this week it was still going ahead.
Shares are well off the highs seen last year but are still up from its IPO and gained 9 per cent this morning.