ASX-listed Quickfee announce record revenue, up 38%

ASX-listed QuickFee have announced a business update for the quarter ended 31 December 2023 (Q2 FY24) and half-year ended 31 December 2023 (H1 FY24).+

Key Highlights during these periods include record Q2 FY24 revenue of A$ 5.1 million, up 38% on the prior corresponding period (pcp) and up 21% on the prior quarter (qoq).

The Australian business continued to perform well in Q2 FY24, with Finance revenue up 55% on pcp and 13% qoq to A$1.914 million (Q2 FY23: A$1.232 million and Q1 FY24: A$1.693 million. In a higher interest rate environment, the demand for solutions which improve cash flow remains strong.

The US business had a strong quarter with combined Pay Now revenue up 20% on pcp to US$1.2 million (Q2 FY23: US$1.0 million). Pay Now TTV increased 17% year—on-year to US$ 358 million (Q2 FY23: US$ 306million) on stable revenue yields of 0.37% for ACH and 0.18% for Card. This continued the trend seen in Q1 FY24, with US ACH TTV and US Card TTV both up 14% in H1 FY24 vs pcp; this revenue line still demonstrates seasonality with a stronger Q2 and Q4.

Quickfee’s Non-executive Chairman Dale Smorgon said, “Over the past year, we have further evolved our growth strategy to focus on our core Finance product in both Australia and the US and it is very pleasing to see the results of this refined strategy flow through to our Q2 financial results with strong revenue growth year-on-year and quarter-on-quarter. We remain optimistic on the growth potential of our US business and our improved sales strategies give us confidence in the scalability of our model moving forward.

“We remain on track for continued improvement in operating profitability, with a stronger second half expected in FY24.“