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- Business process outsourcer Paygroup (PYG) has posted a 200 per cent increase in its total contract value (TCV) for the 2021 financial year to date
- The company signed $8.2 million in total contracts between April and December last year, compared to $4.1 million in the prior corresponding period
- Just over a third of the total contract value was signed in Q3 alone
- PYG added a further 115 entities to its client base over the nine-month period, including Volvo, technology company NTT and the International Centre for Education in Islamic Finance
- The company recently acquired payroll specialist PayrollHQ and fellow human capital management player TalentOz
- PYG shares are up a solid 12.6 per cent to 67 cents following the announcement
Business process outsourcer Paygroup (PYG) has posted a 200 per cent increase in its total contract value (TCV) for the 2021 financial year to date.
The company informed the market via a FY21 performance update, detailing sales and growth figures between April and December 2020.
The company revealed it had signed $8.2 million in total contracts in those nine months, compared to $4.1 million in the prior corresponding period (PCP).
In total, it represents a 200 per cent increase on Q1-Q3 FY20 and a 149 per cent increase on total FY20 sales.
Of the $8.2 million in TCV signed throughout the period, 34 per cent, or $2.8 million, was signed in Q3 FY21 alone.
PYG added a further 115 entities to its client base over the nine-month period, including Volvo, technology company NTT and the International Centre for Education in Islamic Finance.
The company recently acquired payroll specialist PayrollHQ and fellow human capital management player TalentOz, which PYG says are delivering sales growth to the group.
Paygroup managing director Mark Salmal says the group continues to break it sales records quarter on quarter.
It is most pleasing that the contribution comes from all parts of the PayGroup network and business divisions — including our Global Partner Program and recent strategic acquisitions, both which continue to deliver strong results,” he commented.
PYG shares are up a solid 12.6 per cent following the announcement, trading at 67 cents at 2:23 pm AEDT.
