ASX-listed Fintech Beforepay delivers first half-year profit of $2.2m on half-yearly revenues of $17.6m

ASX-listed Beforepay has released its results for the half-year ended 31 December 2023 (H1 FY24) with the key highlights being net profit before tax of $2.2 million and EBITDA earnings of $4.2 million.

Advances were up 18% to $358.6 million whole net defaults improved to 1.3%, down by almost half from 2.3% in H1 FY23.

Beforepay’s revenue increased by 21% YoY to $17.6 million from $14.6 million in H1 FY23.

Net transaction margin (NTM) of $10.1 million, up 99% YoY from $5.1 million in H1 FY23, driven by growth in advance volume and the lower level of defaults.

Beforepay CEO Jamie Twiss said, “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 AI-powered risk models as well as our automated lending platform to partners, as well as new lending products.”