Earlypay produces record half of trading

Earlypay have announced unaudited H1 FY22 NPATA of approximately $7.5m, which is an increase of over 110% on pcp and well ahead of budget. The strong profit result is expected to materially increase the 1H FY22 dividend compared to pcp, with Earlypay’s dividend payout ratio remaining at 60% of NPATA across the full year.

The strong result is underpinned by organic growth in the core Invoice Finance product. Total Transaction Volume (TTV) for H1 FY22 has increased to $1.2 Billion, which is up 35% on pcp. The Equipment Finance business has also seen a substantial improvement in new originations in recent months and has returned to growth.

January, which is typically impacted by holiday seasonality, has performed ahead of expectations due to robust trading volumes from SME clients and continued high utilisation rate of Invoice Finance facilities.

Following better than budgeted H1 results and stronger than expected January trading, Earlypay is pleased to upgrade FY22 NPATA Guidance from $13m+ to $14m+.

Earlypay CEO Daniel Riley said of the result, “We are delighted to announce a record H1 FY22 result, which shows material growth in Invoice Finance. The stronger than expected earnings have been driven by record TTV, lower cost of debt and increased utilisation of proprietary technology to facilitate operating leverage for the business. It is also pleasing to see the equipment finance book return to growth in recent months. Following the record first half and a notable pickup in SMEs looking for alternate funding, Earlypay has upgraded its FY22 NPATA Guidance from $13m+ to $14m+.”