Tyro Payments has reported a substantial 72 per cent increase in profits for the six months ending December 31, compared to the previous year. This surge was primarily fuelled by growth in core earnings and overall transaction value. Tyro offers payment and banking solutions to businesses in the retail, hospitality, health, and services sectors.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 19.8 per cent during the period. Transaction values also saw an increase, climbing 4 per cent to reach $22.9 billion. The company has decided not to declare or pay any dividends for the half-year, with no plans to do so in the immediate future.
Tyro informed investors that the introduction of new transaction accounts and a flexible loan offering have contributed to a 38 per cent rise in user numbers. The banking division demonstrated strong performance, with loan originations increasing by 18.7 per cent to $88.7 million.
These results mark the first presentation under the leadership of Nigel Lee, the newly appointed chief executive who joined Tyro in mid-January. Lee’s appointment followed the departure of Jon Davey. In December, Tyro announced its acquisition of Thriday, an artificial intelligence startup backed by NAB.
