Afterpay profits soar as they plan UK/US expansion

Company News

by Rachael Jones

Financial technology company Afterpay (ASX:APT) has reported a gross profit of $85.7million that’s up 386 per cent from the prior corresponding period last year.

Group Revenue and other Income of $142.3m, up 390 per cent on FY17, driven by an increase in Afterpay underlying sales and a stable merchant revenue margin.

Group EBITDA (excluding significant items) of $33.8 million in line with guidance.

Afterpay Touch has announced its launch in the UK with the acquisition of payments company ClearPay.

The Group is undertaking a fully underwritten Institutional Placement to eligible investors, to raise at least $108.1m to fund Afterpay’s international expansion strategy.

No dividends were declared or paid for the year ended 30 June 2018.

Shares in Afterpay (ASX:APT) are on a trading halt, last traded at $18.55
  

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.