NZ sharemarket lower as Plexure falls 13%

The S&P/NZX 50 Index fell 65 points, or 0.5%, to 12837.40. Turnover was $168 million.

Shares in Plexure Group dropped more than 13% to 45 cents as the company reported its net loss had risen to $8.5m in the six months ended September, up from $4.4m.

The company’s new management told investors it had been expanding its staff and operations to win customers who never materialised.

Now, the group, which recently merged with payment platform Task, intends to pivot towards selling an integrated version of the two businesses’ products and reducing Plexure’s overhead costs.