Payments company Tyro has reported a statutory profit for the first time in seven years, with a massive 106 per cent leap seeing the company deliver a profit of $1.1 million.
Tyro delivered a record EBITDA for the first half of FY23 of $19.5 million, and recorded positive free cash flow of $600 million.
A 37 per cent leap in transaction value, to $21.7 billion, was buoyed by the return of physical shopping, and the ever-rising inflation.
This has been continued into the new year, with transaction value from January 1 to February 24 up 23 per cent year-on-year to $6.3 billion.
“We have become a leaner and more disciplined organisation,” CEO Jon Davey said.
“Through our cost reduction program, we are on track to deliver an $11 million annualised cost saving.”
Tyro stuck with its full-year guidance, with EBITDA forecast to land between $37 million to $41 million.
