Beforepay's H1 FY24 Results Overview

Beforepay Group Limited (Beforepay or the Company) (ASX: $B4P) has reported its half-year results for the period ending 31 December 2023, achieving a net profit before tax (NPBT) of $2.2m and earnings before interest, tax, depreciation, amortisation (EBITDA) of $4.2m. The company also announced new growth initiatives and significant improvements across key metrics in H1 FY24.

Executive Commentary on H1 FY24 Results

Beforepay CEO Jamie Twiss stated, 'Beforepay has achieved profitability, with a half-yearly audited profit of $2.2 million. This outcome has been driven by consistent execution of our strategy, including continued top-line growth, tightly controlled costs, and strong default outcomes, and we continue to support more customers than ever with a safe, affordable alternative to revolving debt. Our achievement of profitability and our continued balance-sheet strength, with more than $18 million of unrestricted cash, now enables us to launch additional growth initiatives. I'm excited for our forthcoming launch of a new business line to provide our Al-powered risk models as well as our automated lending platform to partners, as well as new lending products.'

Summary of Beforepay's H1 FY24 Results and Outlook

Beforepay achieved a first half-year profit of $2.2m and half-yearly revenues of $17.6m in H1 FY24, marking significant improvement across key metrics. The company also announced new growth initiatives, including the launch of a new business line to provide lending technology and Al-powered risk models to partners, as well as the intention to launch new lending products with larger maximum limits and longer durations. Beforepay's outlook includes expectations of somewhat higher defaults in Q3 FY24 due to holiday-season loans maturing, and softer usage in the post-holiday period. The company also aims to maintain a lean cost base while selectively investing in growth initiatives, with moderate increases in operating expenses expected in the coming quarters. Beforepay remains committed to providing an ethical, transparent, customer-friendly product to help working Australians manage their cashflow, and has been recognized with awards for its mission-driven approach to providing innovative financial solutions.