Tyro Payments has reported a mixed financial year, with gross profit increasing by 4.4 per cent but net profit after tax falling by 30 per cent for the year ending June 30 compared to the previous year. The company, which provides payment solutions and banking products for Australian businesses, attributed the gross profit increase to strong performances in its Tyro Health and banking divisions. Tyro Health supports healthcare businesses with faster payments and Medicare and private healthcare claims. Uptake of banking products among businesses also contributed to the company’s growth.
Tyro reported that its underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) also grew by 10.6 per cent to $61.6 million over the 12-month period. This growth reflects increased efficiency and profitability in core operations, offsetting some of the impact of higher operating expenses.
Tyro CEO Jon Davey characterised the results as strong and in line with market expectations. “This is a strong set of results, in line with guidance provided to the market,” Davey said. He highlighted the company’s focus on sustainable and profitable growth, noting a 14 per cent gross profit compound annual growth rate that outpaced expense growth in recent years. The company will continue to focus on these key growth areas for continued profitability.
