QuickFee (ASX: $QFE) 04 FY24 Quarterly Business Update

QuickFee Limited (ASX: $QFE) has reported a 42% increase in revenue for the quarter ended 30 June 2024, reaching a record quarterly revenue of AS 6.1 million. The company also achieved positive EBTDA in 04 FY24, driven by growth in the higher margin Finance product and effective cost containment.

Executive Commentary on 04 FY24 Performance

QuickFee's US business experienced significant growth in 04 FY24, with a 39% increase in US Finance revenue and a 9% rise in US Finance Total Transaction Value (TTV) compared to the prior corresponding period. The company's strategic integration with Knuula and the successful pilot of QuickFee Connect subscription model are expected to drive further growth in the upcoming quarters. In Australia, QuickFee achieved a 46% increase in AU Finance revenue, with a record month in June 2024. The company's strengthened balance sheet, following an oversubscribed capital raise, positions it well for sustained profitability and future loan book growth in both the US and Australia.

Summary of 04 FY24 Business Update and Outlook

QuickFee's 04 FY24 business update reflects strong performance, marked by a 42% increase in quarterly revenue and positive EBTDA. The company's focus on scalable integrations, increased adoption of QuickFee Connect, and strategic growth in both the US and Australia bode well for its future prospects. With a strengthened balance sheet and available cash on hand, QuickFee is well-positioned to achieve sustainable profitability and further loan book growth. The company's non-executive chairman, Dale Smorgon, expressed confidence in the growth potential in both markets and the achievement of sustained profitability ahead, indicating a positive outlook for QuickFee's future.