The first few lines make things look rosy, up 68%, up 31%, up 36%, up 25% it made me wonder what was the market thinking. Then I looked further, and unfortunately, that’s where the fun stopped:

• EBITDA of $2.8M, down nearly 60% year on year
• Loss before tax of $11.2M

Growth figures, those first four lines were on the acquisition of Bendigo and Adelaide Bank merchant services. I think both have been smart to offload this business, much less so for Tyro to acquire it, but that is the business they are in so…

The deal with Bendigo Bank is also a profit share, Tyro only gets to clip part of the ticket with the rest going to the bank, meaning margins are squeezed.

Is this a tech company or a customer service company that uses tech, either way, the market is not happy.