ASX-listed Change Financial sees half yearly revenue rise 66% to $11.4 million
ASX-listed Change Financial sees half yearly revenue (H1 FY25) hit $11.4 million, up 61% on prior corresponding period (pcp), driven by an increasing contribution from PaaS clients.
Change Financial CEO Tony Sheehan (pictured) commented, “It has been a positive start to FY25 as we continued to scale our operations, delivering a record half year revenue result. Pleasingly, 78% of revenue was derived from recurring income streams, providing a solid base to continue our growth trajectory. We continue to build momentum in NZ with new client wins, and we will be increasing our focus on the sizeable opportunity in Australia moving forward. Given the opportunity ahead, we are confident in being able to replicate the success we’ve had to date in NZ in the larger Australian market.”
“During the period we made the pragmatic decision to withdraw from the US market. We have substantially progressed winding down operations with the last transactions processed in late January. With the US exit substantially complete, there will be a significant positive impact on future earnings and cashflow.”
“As the reference-ability of our PaaS platform has grown in NZ and Australia, we are increasing our focus on sales. We have recently completed market assessments for both Vertexon and PaySim and, given the significant opportunity for both products, have appointed new strategic sales executives based in Sydney, Australia to pursue already identified opportunities. The market assessments have also assisted in the refinement of our future strategy and product roadmaps.”
“We are in an exciting period for the business as we look to deliver sustainable and profitable growth. Supported by an increasing recurring revenue base, we are confident in our ability to deliver in excess of 30% revenue growth in FY25. Furthermore, excluding the impact of one-off costs upon exiting the US operations, we remain on track to deliver a maiden EBITDA positive year.”
As at 31 December 2024, Change had cash holdings of $5.6 million with no debt.
