- Tyro Payments (TYR) has tabled a reduced net loss in its half-year report, despite a challenging six months beset by COVID-19 lockdowns
- The company reported a $3.4 million statutory net loss after tax in 1H FY21, down 82.3 per cent from the $19.2 million at the end of the previous period
- Its earnings before interest, taxes, depreciation and amortisation performed even better, rising 464 per cent
- In terms of activities, Tyro hit a new record in the amount of transactions processed, over $12 billion.
- Following the end of the half-year, Tyro was struck with a connectivity issue that impacted the company’s merchant customers
- The business has implemented a failsafe system in the wake of the outage, which will utilize a ‘dongle solution’
- Shares in TYR are trading up 12.5 per cent at $3.06 each
Tyro Payments (TYR) has tabled a reduced net loss in its half-year report, despite a challenging six months beset by COVID-19 lockdowns.
The payment solutions company reported a $3.4 million statutory net loss after tax in 1H FY21, which is a 82.3 per cent reduction from the $19.2 million tabled at the end of the previous period.
Its earnings before interest, taxes, depreciation and amortisation performed even better, rising 464 per cent to a total of $8.5 million at the end of December.
TYR’s gross profit also increased over the period, up by 21.6 per cent to total $61.2 million, however, revenue dropped 2.1 per cent from $117.3 million to $114.8 million.
In terms of activities, Tyro hit a new record in the total amount of transactions processed, up 10 per cent on the prior corresponding period to total $12.1 billion.
It also had a record 36,720 merchants choosing Tyro as their payments solution – up 13 per cent on the previous half-year.
Commenting on the results, CEO and Managing Director Robbie Cooke said it was a pleasing result considering the challenging conditions over 1H FY21.
“We are proud to have processed a record $12.1 billion in transactions for our merchants. This was achieved despite the continuing challenges from COVID and unpredictable lockdowns,” he said.
“Our merchants saw solid growth in the half, while our market-leading solutions continued to attract new merchants to our platform,” Robbie added.
Following the end of the half-year, Tyro was struck with a connectivity issue which impacted the company’s merchant customers.
The business has implemented a failsafe system in the wake of the outage, which will utilise a ‘dongle solution’.
“This event did not sit comfortably with me nor my team, and notwithstanding 18 years of operation with no similar issue, we are now building a ‘failover’ solution,” the CEO said.
“This will see us provide all our merchants with a dongle solution in combination with their standard terminals as an extra level of redundancy – this is an industry-first move,” he explained.
Shares in Tyro Payments are trading up 12.5 per cent at $3.06 each at 2:20 pm AEDT.