Summary
Record 1H24 performance, including record originations and revenue, platform growth and positive EBITDA
Butn Limited reported a record performance in the first half of 2024 (1H24), with significant growth in originations and revenue.
1H24 originations reached $241 million, marking a 12% increase from the previous corresponding period (pcp).
The company achieved a record revenue of $6.8 million in 1H24, up 24% from the pcp's $5.5 million.
Revenue margin improved slightly to 2.7% in 1H24, up from 2.6% in the pcp.
Butn Limited's EBITDA for 1H24 was $1.4 million, more than double the $0.6 million EBITDA in the pcp.
Bad debts written off in 1H24 were under 0.1% of total originations, indicating strong credit management.
The platform distribution channel experienced record growth, contributing significantly to the company's performance.
Strategic partnership with MYOB has shown strong growth, contributing to the record platform originations.
The company successfully rolled the 2018-1 bond in October 2023 to support future receivable book growth.
Butn Limited has funded over $1.5 billion to Australian businesses, focusing on B2B funding and working capital solutions.
This announcement is a summary of the company approved ASX announcement on 19/2/2024 and is based on facts from the announcement.