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- Tyro Payments (TYR) is releasing its preliminary full year results, showing a decrease in its net loss after its revenue and earnings increased
- The fintech stock’s loss after tax reduced by 21.6 per cent to $29.8 million, while its earnings jumped 424 per cent to $14.16 million
- TYR processed transactions worth $25.5 billion, helping the company achieve a 13 per cent jump in revenue to $238.5 million
- Tyro says more than 58,000 merchants are signed up to use its payment solutions and the business launched a new mobile product during FY21
- It also aligned itself with Bendigo Bank during the year and, following the release of today’s results, shares are trading up 1.82 per cent at $3.65 at 12:32 pm AEST
Tyro Payments (TYR) has released its preliminary full year results, which show a decrease in its net loss that was supported by a jump in earnings and revenue.
The fintech stock, which offers EFTPOS machines to merchants, said its net loss after tax reduced by 21.6 per cent to $29.8 million.
TYR’s earnings before interest, taxes, depreciation and amortisation jumped a whopping 424 per cent to $14.16 million.
The company processed $25.5 billion worth of transactions throughout FY21, helping the company achieve a 13 per cent jump in revenue to $238.5 million.
It ended the year with 58,186 merchants and TYR said it was Australia’s fifth largest merchant acquiring bank by terminal count.
Activities wise, the business launched its Tyro Go pilot during FY21, testing its new mobile payments dongle.
It also signed the Bendigo Bank Alliance in June, adding 18,490 new merchants and around $5 billion in annualised transactions.
Tyro Managing Director and CEO Robbie Cooke said he was pleased with the company’s performance given the impact of COVID-19 lockdowns.
“Processing a record $25.5 billion in transactions for our more than 58,000 merchants through FY21 was quite an accomplishment considering the backdrop of rolling and unpredictable COVID lockdowns,” Mr Cooke said.
“When lockdowns lifted our merchants saw solid growth return and, also pleasingly, new merchants continued to be attracted to our market leading payment and banking solutions throughout the year.”
Mr Cooke added that FY22 would see Tyro grow its mobile solutions and expand its Bendigo Bank agreement.
“We have created IP in creating our payments alliance model for Bendigo Bank, which has potential applicability to other market opportunities. This is an area we remain keenly interested in exploring,” Mr Cooke said.
“We continue to have appetite for ‘bolt on’ acquisitions, whether large or small,
which present an avenue to gain scale, leverage our platform or capabilities, enhance our market position or supplement our ecosystem.”
Following the release of today’s results, Tyro Payments shares were trading up 1.82 per cent at $3.65 at 12:32 pm AEST.
