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- PayGroup’s (PYG) pro-forma annualised recurring revenue (ARR) for FY21 has totalled $27 million at the end of the March quarter
- In comparison, the payroll and human capital management provider recorded $17.8 million worth of ARR in FY20
- PYG has credited the rise to strong organic growth and the acquisition of Integrated Workforce Solutions (IWS)
- The company also signed $4.8 in new contracts over the March period, to bring its total contracts over FY21 to a record figure of $13 million
- Shares in PYG are trading 2.73 per cent in the green at 56.5 cents
PayGroup (PYG) has revealed its pro-forma annualised recurring revenue (ARR) for FY21 totalled $27 million at the end of the March quarter.
In comparison, the payroll and human capital management provider recorded $17.8 million worth of ARR over the previous FY20.
PYG has credited the rise in revenue to strong organic growth as well as the recent acquisition of Integrated Workforce Solutions (IWS).
“FY21 was a pivotal year for PayGroupas we continued to build significant scale across the core payroll business, deliver record ARR growth and execute on strategic acquisition opportunities to enhance our suite of HCM modules and competitive position,” Managing Director Mark Samlal said.
“Building on the significant momentum of FY21, PayGroup is focused on greater monetisation opportunities and exciting automation initiatives in the interest of long-term shareholder value creation,” the PayGroup founder added.
The company also revealed in today’s update that it had signed $4.8 in new contracts over the March period.
All up, the number of new contracts signed over FY21 hit a record $13 million — representing 136 per cent growth when compared year on year.
PayGroup ended the March period with a cash balance of $3 million, excluding funds from the capital raise.
The company didn’t release its full financials, as the ASX no longer requires them to post a quarterly update after PYG recorded positive net operating cash flows for each of the last four quarters.
Shares in PayGroup are trading 2.73 per cent in the green at 56.5 cents per share at 12:00 pm AEST.
