Here’s why Tyro Payments (ASX:TYR) rose as much as 20% today

Tyro Payments (ASX:TYR) was the best performer amongst stocks that released FY23 results today.

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Tyro Payments (ASX:TYR) delivers a good FY23 result

Tyro Payments is a EFTPOS terminal provider and is the largest non-Big Bank provider. It generated 25% growth in transaction value (to $42.6bn), a 32% increase in revenues (to $419.2m) and gross profit (to $204.3m), as well as a bottom line profit of $6m (from -$29.6m the year before).

This was the first full-year positive cash flow result as a publicly listed company.

Slower growth in FY24, but…

For FY254, Tyro guided to $45-$47.5bn transaction value and $206-$215m gross profit.

Even though both figures would represent slower growth than the year before, it seems investors were happy that it was immune to inflation, that the company’s new operating model was paying off and most importantly, that terminal outages and the subsequent furore from customers appears over.

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