Overview of Tyro Payments' H1 FY24 results

Tyro Payments (ASX: $TYR) has reported its H1 FY24 results, showing a 2.2% increase in transaction value to $22.2 billion, a 10.5% growth in gross profit to $105.2 million, and a significant 40.6% rise in EBITDA to $27.3 million. The company also achieved a 5.6 percentage point increase in EBITDA margin to 26%.

Executive commentary on H1 FY24 performance

Tyro's H1 FY24 results demonstrate strong profitability and growth in non-discretionary verticals, particularly in the Health and Services sectors. The company's focus on building products that cater to customer needs has led to increased multi-product adoption and the development of innovative solutions such as multi-account settlement times and virtual debit cards. Additionally, Tyro is making strides in unified payments offering, aiming to provide a complete Payments and POS solution with a flexible fee structure.

Summary of H1 FY24 results and outlook

Tyro Payments' H1 FY24 results reflect a resilient and profitable business, with strong financial performance across key metrics. The company's focus on non-discretionary verticals, customer value, and innovation in payment solutions has contributed to its positive performance. Looking ahead, Tyro aims to continue its positive free cash flow, improve customer economics through banking services, and maintain its strong financial position. The company's outlook remains optimistic, contingent on market and macroeconomic conditions, with a focus on managing risks and uncertainties.