Beforepay - Q1 FY 24 Result

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Beforepay Group Limited Announces Q1 FY24 Results, Marking a Milestone with First Quarterly Profit

Sydney, October 30, 2023 - Beforepay Group Limited (ASX: B4P), an award winning fintech company, has announced its first-ever quarterly net profit in Q1 FY24, marking a significant milestone in its financial journey.

Record-Breaking Financial Performance

For the quarter ended 30 September 2023, Beforepay achieved a net profit before tax of $1.64 million and an EBITDA of $2.61 million. The advances grew by 27% year-on-year (YoY) to $177.3 million, signalling strong customer demand and market acceptance.

CEO Insights on the Achievement

Jamie Twiss, CEO of Beforepay, expressed his pride in this achievement: "I’m proud to be announcing Beforepay’s first quarterly profit today. This result shows that Beforepay has successfully executed its strategy delivering strong top-line growth and good unit economics while tightly controlling costs and demonstrates the resilience and sustainability of our business."

He also touched on the inherent seasonality in Beforepay's business, stating, "While we expect that future quarterly results may be up or down given the seasonality in our business, we are confident that Beforepay is well positioned for the future.”

Market Position and Future Outlook

The company won the 2023 Ethical Lender of the Year in the Wealth & Finance International FinTech Awards, further solidifying its position as one of the leaders within their verticals.

The company remains focused on growth, with a recent announcement of securing a new 3-year $55 million debt facility to facilitate future lending growth. This strategic move is poised to strengthen Beforepay's market position and support its expansion initiatives.

For more details and future updates, investors and interested parties are encouraged to follow Beforepay's announcements and visit their website.