Buy-now pay-later provider Zip Co (ASX:Z1P)
reported revenue of $403 million for the year ending 30 Jun 2021, up 150 per cent from the prior year.
Despite a rise in revenue, Zip reported a net loss of $653.1 million versus $19.94 million in FY20. A cash earnings before interest, taxes, depreciation and amortisation loss of $22.9 million was also recorded.
Zip executed a number of joint ventures over the year. In December 2020, Zip invested $3.1 million to acquire a 20 per cent interest in Spotii, In Apr 2021, Zip invested $3.2 million to acquire a 25 per cent interest in Tendo and in Jul 2020, Zip invested $0.14 million in its associate Payflex.
The group wrote off $74.5 million in bad debts (net of bad debt recoveries) during the financial year, up from $27.8 million from the prior year.
No dividends have been declared for FY21.
Shares in Zip Co (ASX:Z1P)
are trading 0.7 per cent higher at $7.38.