User growth reignites to deliver Beforepay its first full-year profit

ASX-listed Beforepay Group have announced its first full-year profit in its FY24 results, released today, announcing a net profit before tax (NPBT) of $3.9 million and an EBITDA of $8.5 million for the full year ended 30 June 2024.

Beforepay Group have seen record Active Users (240,254 as at FY24) and increased new-user acquisition in core products in recent months as a result of focused performance marketing and additional marketing spend. Active User growth has continued the upwards trajectory that started towards the end of FY24 and increased to 244,193 by 31 July 2024.

The company’s underlying reported cash on hand was $19.2 million as at FY24, while its equity position has improved to $30.5 million, compared to $26.8 million at June 2023, attributed to the full year net profit achieved.

This follows news of the company’s wholly owned subsidiary, BPG Credit Pty Ltd, obtaining its Australian Credit Licence, ensuring Beforepay Group is well-positioned for its new loan product launch planned for FY25.