- Paygroup (PYG) has revealed its FY21 earnings guidance, stating it’s set to achieve a record $20.5 million in annualised recurring revenue (ARR)
- The payroll solutions provider is also expecting to table a total of $10 million in new contracts wins, almost double the previous year’s total
- The company expects to have processed around 5.5 million payslips and transactions at the end of FY21, a slight increase on FY20’s 4.7 million
- Commenting on the results, PYG said FY21 was a “landmark year” for the payroll specialist
- Shares in Paygroup have jumped 9.84 per cent since the earnings guidance was released, trading at 67 cents each
Paygroup (PYG) has released its FY21 earnings guidance, revealing it’s on track to achieve a record $20.5 million in annualised recurring revenue (ARR).
That figure represents an almost 15 per cent increase in the payroll and human capital management solutions provider’s ARR year on year.
The company has also revealed it’s expecting to table $10 million in new contracts wins, almost double the previous year’s $5.5 million tally.
In addition to these two increases, Paygroup anticipates strong growth in the number of payslips and transactions it processes.
Specifically, the company expects to process around 5.5 million annualised payslips and transactions in FY21, compared to 4.7 million in FY20.
Commenting on the guidance, Managing Director Mark Samlal said these were outstanding results.
“FY21 continues to be a landmark year for PayGroup as the business continues to achieve significant growth since our IPO in 2018,” he said.
“The FY21 guidance we have released today highlights the accelerating traction of our multi-country payroll solutions, underpinned by our local regulatory and compliance expertise across Asia-Pacific,” he added.
“Growth remains the key focus, as we continue to leverage our leading sales capabilities to scale the business in order to maximise shareholder value,” Mark explained.
The company’s full-year results will be released in May after its 2021 financial year ends on March 31.
Shares in Paygroup have jumped 9.84 per cent since the earnings guidance was released, trading at 67 cents each at 1:52 pm AEDT.