Tyro delivers strong profitability

Media Release

1. Gross profit increased by 10.5% to $105.2 million in H1 FY24 compared to H1 FY23.

2. EBITDA rose by 40.6% to $27.3 million in H1 FY24, with EBITDA margin improving by 5.6 percentage points to 26%.

3. Free cash flow significantly increased to $10.4 million in H1 FY24, up 17.8 times from H1 FY23.

4. Transaction value grew by 2.2% to $22.2 billion in H1 FY24.

5. Tyro Health recorded a 24% increase in transaction value and a 31% increase in customers in H1 FY24.

6. Operational efficiency and growth in non-discretionary verticals like health and services were key drivers of financial results.

7. Nearly one in five new customers signed up for Tyro’s integrated payments and banking products in H1 FY24.

8. Tyro is innovating with new payments and banking features, including multi-account settlement times and a virtual debit card, to be launched by June.

9. The company is confident in its business resilience and growth opportunities despite the macroeconomic environment.

10. FY24 financial guidance includes a transaction value of $43 billion to $44 billion, gross profit of $208 million to $215 million, and EBITDA of $54 million to $58 million, with a targeted EBITDA margin of ~26%.

11. Tyro aims to expand into at least one new vertical in the calendar year to diversify its customer base and continue developing cashflow solutions alongside payment services.