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- PayGroup (PYG) improves across most of its key metrics in its most recent quarterly report and is progressing towards cash flow break even
- Despite cash outflows of $200,000, this figure is significantly less than the previous quarter, after the company executed prudent cash management while focussing on organic growth
- During the period, PayGroup grew revenue by 66 per cent from the previous corresponding period (pcp) to $26.6 million
- This was supported by its investment in sales and marketing, as well as the Global Partnership Program (GPP)
- Shares are trading 11.3 per cent higher today at 44.5 cents each
Payroll solutions business, PayGroup (PYG) has improved across most of its key metrics in its most recent quarterly report and is progressing towards cash flow break even.
Despite cash outflows of $200,000, this figure is significantly less than the previous quarter, after the company executed prudent cash management while focussing on organic growth.
During the period, PayGroup grew revenue by 66 per cent from the previous corresponding period (pcp) to $26.6 million.
This was supported by its investment in sales and marketing, as well as the Global Partnership Program (GPP).
Similarly, new contracts improved by 64 per cent while payslips processed grew 35 per cent.
The company added a new partner to its pipeline of sales opportunities, which is expected to contribute significantly to the company’s core payroll business going forward.
Founder and Managing Director Mark Samlal said the company has achieved consecutive record growth over the last four quarters.
“Building on the remarkable momentum of FY22, PayGroup is focused on executing on our key strategic priorities – growing margin, expanding our GPP, increasing operating leverage and expanding our monetisation opportunities, as we progress towards cash flow breakeven and profitability,” he said.
“Achieving these major value inflection points continues to be a core focus for us and we are incredibly excited about FY23 and beyond.”
At the end of the period, the company reported a cash balance of $6 million.
Shares were trading 11.3 per cent higher today at 44.5 cents each at market close.
