QuickFee (ASX:QFE) improves margins despite volatile half-year

• Fintech company QuickFee (QFE) has reported the results for the half-year period which ended on December 31, 2020
• Despite a challenging environment, the company continued to grow by increasing platform transactions, adding new U.S. clients and launching a new product
• QuickFee’s revenue, gross profit and cash during the first half of the 2021 financial year were higher than 2020’s first half
• The company sees encouraging signs of growth in its lending pipeline activity for the rest of the year
• QuickFee is down 11 per cent and trading at 44 cents per share

Fintech company QuickFee (QFE) has reported the results for the half-year period which ended on December 31, 2020.

Despite a volatile period exacerbated by the COVID-19 pandemic, the company continued to improve in various areas. In particular, QuickFee saw ongoing growth in U.S. lending and transaction volumes, new U.S. client numbers, success in company capital raises and the launch of a brand new product, QuickFee Instalments.  

QuickFee’s revenue, gross profit and cash all increased in comparison to the first half of the previous financial year. However, the company’s operating loss, net profit after tax and earnings per share all decreased in comparison to the previous year’s first half.

Revenue increased year-on-year by 22 per cent to $4.5 million, while gross profit rose year-on-year by 39 per cent to $3.2 million.

The company ended the first half of the 2021 financial year with $30.5 million in cash. This is a 104 per cent increase on the $15 million it had when it finished the first half of the 2020 financial year.

QuickFee’s CEO, Bruce Coombes, commented on the first half of the 2021 financial year, which he believes was a pivotal period of investment for the business.

“The half-year ended 31 December 2020 was another period of strong progress for QuickFee, despite operating in a challenging environment with massive government stimulus programs in both of our key markets,” he said.

“Strong growth has continued across platform transactions, lending and new clients in the United States, and a major new product, QuickFee Instalments, was successfully launched in both the US and Australian markets,” he added.

Bruce went on to say that with a broadened product suite, addressable market and strengthened team, the company sees encouraging signs of growth in its lending pipeline activity for the rest of the year.

QuickFee is down 11 per cent, trading at 44 cents per share at 11:10 am AEDT.