Key facts from Tyro Payments Limited's Appendix 4D and interim financial report

Tyro Payments Limited (ASX: $TYR) has released its Appendix 4D and interim financial report for the half-year ended 31 December 2023. The report shows that the company did not declare or pay any dividends for the period. The net tangible asset backing was 8 cents per share in December 2023, compared to negative 1 cent per share in December 2022. The report also highlights that the Group's interest in Axis IP Pty Ltd (Paypa Plane) decreased to 11.0% following an equity raise by Paypa Plane in February 2023.

Executive commentary on financial and operating performance

The period was characterized by strong profitability, improvements to Tyro's product suite, and increased awareness of Tyro's offerings. Transaction value of $22.2 billion was up 2.2% on the prior comparative period, with the Retail and Hospitality verticals showing mixed performance. The Group's Banking business performed strongly with revenue up 70.6%, and the Group's merchant base increased by 2.8%.

Outlook and corporate strategy

Tyro Payments Limited's strong financial performance in H1 FY24 reflects its continued focus on profitability and product suite enhancements. The company's Banking business showed significant revenue growth, and the Group's interest in Axis IP Pty Ltd decreased to 11.0%. With total cash and financial investments of $150.0 million, Tyro has sufficient liquidity to continue funding its growth strategy. The Group is fully compliant with the prudential capital requirements prescribed by APRA and has sufficient capital to fund ongoing operations. The company settled proceedings with Kounta Pty Ltd, receiving $10 million in damages. Tyro Payments Limited remains optimistic about its future performance and is committed to delivering value to its shareholders.