Beforepay revenue reaches $16.5M in record quarter
Key points
- Beforepay Group lifted first-quarter revenue 45% to a record $16.5 million.
- Cash net profit after tax climbed 58% year-on-year to $5.7 million.
- Income growth was driven by higher advance sizes and the introduction of interest charges.
Beforepay Group (ASX:B4P) lifted first-quarter revenue 45% year-on-year to a record $16.5 million following higher advances and new interest charges on its main product.
The cash net profit after tax of $5.7 million for the three months ended Sept. 30 compares with $3.6 million from the prior corresponding period.
“These results demonstrate the strength of our business model and the benefits of our continued focus on credit quality and growth,” said Beforepay Group CEO Jamie Twiss.
The overall net bad debt ratio increased to 1.41% from 0.87% a year earlier as the average advance size rose 17% to A$524.
The company stated that its new senior secured asset-backed credit facility offers lower funding costs and an expandable limit up to $100 million to support future lending growth.
Following the announcement, the Beforepay Group share price stood at $0.138.
The business generates income by offering micro-loans and short-term advance products directly to Australian consumers through a mobile platform.
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