ASX-listed Change Financial finishes FY24 with a bang
ASX-listed Change Financial have released an update on the company’s business activities for the quarter ended 30 June 2024 (Q4 FY24), including a record revenue quarter, driven by an increasing contribution from PaaS clients and an increase in professional services revenue:
- Customer receipts of USD$3.6 million (A$5.4 million), up 37% on prior corresponding period (pcp)
- Positive net operating cashflow of USD$0.2 million (A$0.3 million)
- Q4 FY24 revenue of USD$3.2 million (A$4.8 million), up 56% on pcp
- H2 FY24 revenue (unaudited) of USD$6.2 million (A$9.3 million), up 39% on pcp
- FY24 revenue (unaudited) of USD$10.6 million (A$15.8 million), up 22% on FY23
Change Financial CEO Tony Sheehan commented, “We ended FY24 with significant momentum in the business as demonstrated by our back-to-back record Q3 and Q4 revenue coupled with the increasing transition of our revenue composition to recurring PaaS services. Having issued 60,000 cards across our three core regions with 40,000 being active and generating transactional revenues, we are increasingly able to demonstrate the tangible benefits of our Vertexon PaaS platform to a wide variety of new and existing clients. As we have found, reference-ability is a key factor in the selection process for potential clients with Change now well positioned to take advantage of that.
“During the quarter we signed a major new PaaS client, Unity Credit Union, which is expected to migrate a further 20,000 cards onto the Vertexon platform during H1 FY25. This demonstrates continued validation of our product and service offering and enables the business to scale with increased volume.
Additionally, we have seen an uplift in our professional services revenue as resources were reallocated to focus on new projects after completing the PaaS platform development and onboarding of the initial NZ clients.
“Looking forward to FY25, we are targeting revenue growth in excess of 30% in FY25 and a maiden EBITDA positive year,” Sheehan ended.
