Beforepay Group (B4P) H1 2025 earnings summary

Executive summary

• Achieved net profit before tax of $2.8m in H1 FY25, up from $2.2m in H1 FY24, reflecting improved profitability and sector leadership.

• Revenue increased to $19.7m, up 12% year-over-year from $17.6m in H1 FY24, driven by advances and user growth.

• Active users grew to 257,627, up 9% year-over-year, with pay advances rising 11% to $397m.

• Launched new Personal Loan product and expanded Carrington Labs enterprise software, including a US client solution.

• Net defaults declined to 1.1% from 1.3% in H1 FY24, indicating enhanced credit quality.

Financial highlights

• Net transaction margin increased 18% to $11.8m, with margin percentage at 3.0%.

• EBITDA (excluding one-off items) was $5.5m in H1 FY25, up 29% year-over-year.

• Operating expenses rose to $8.8m, primarily due to a one-off non-cash share-based payment adjustment.

• Cash position at 31 December 2024 was $18.3m; equity was $35.6m.

• Receivables increased 8% to $54.3m, reflecting loan book growth.

Outlook and guidance

• Plans to grow pay advances and personal loans, refine risk models, and maintain cost discipline.

• Carrington Labs to focus on client acquisition, especially in the US, and product improvement.

• Personal Loan product in low-volume test phase to assess risk management for larger, longer-term loans.