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Laybuy continues strong growth for the first half of FY22 and provides revised FY22 revenue guidance

November 25, 2021 Financial No Comments
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Laybuy Group Holdings (ASX:LBY) (“Laybuy”, the “Company”) is pleased to provide its Half Year Report for the six months ended September 2021 (H1 FY22). Laybuy has reported strong GMV and revenue growth, with record momentum continuing into October and November 2021. The Company is also providing an update to its FY22 guidance for revenue and a correction to the results for the quarter ending September 2021 (Q2 FY22).

All numbers are stated in New Zealand dollars (“NZ$”) and comparisons relate to the six months ended 30 September 2021 (“H1 FY22” or prior comparative period, “PcP” or year on year (“YoY”), unless otherwise stated.

Highlights:

  • GMV reached a record NZ$391 million for 1H FY22, or annualised GMV of NZ$782 million, an increase of 60% YoY.
  • United Kingdom GMV almost doubled YoY in 1H FY22, reaching annualised GMV of NZ$415 million, up 95% YoY.
  • Laybuy remains on track to achieve annualised GMV of $1 billion, with NZ$989 million annualised for October 2021, 119% above October 2020.
  • Record income for the half year of NZ$21.2 million, or annualised income of NZ$42.4m, up 60% YoY.
  • For the half year, Net Transaction Margin (NTM) was 1.5%, down from 1.7% PcP.
  • Updated revenue guidance for FY22 of 60-70% growth on FY21, with the UK expected to be 75-85% up YoY.
  • Correction to September quarter results include defaults which increased to 3.0% for Q2 FY22 (restated from 2.2%) which in turn resulted in a decrease in Net Transaction Margin (NTM) to 1.0% for Q2 FY22 (restated from 1.9%).
  • Laybuy App Exclusives (Affiliate Marketing Network) continues to grow following its successful launch in the UK during the quarter, providing customers with access to more than 170 new household brands and enabling Laybuy to add more than 5,000 merchants in a wide range of verticals in the future.
  • Active Customers reached 889,000, up 57% YoY. UK active customers up 90% YoY.
  • Active Merchants reached 11,700, up 86% YoY. UK active merchants up 332% YoY.
  • New debt facility with US specialist lenders Partners for Growth (PFG) of £30 million to support UK loan book growth and provides substantially greater availability and flexibility for draw downs.
  • Increase in Kiwibank facility limit to NZ$30 million and increase in LVR to further support ANZ loan book growth to 80% (previously 75%).

Managing Director Gary Rohloff commented: “The first half of FY22 has continued to see Laybuy deliver strong growth, particularly in our focus market of the UK. In the first months of this financial year, we have almost doubled GMV in the UK, which has helped achieve record group GMV of $391 million in the first half of the year. Our active customers are up 57% and our active merchants have increased by 86%.

“This continued strong growth means that we remain on-track to achieve GMV of $1 billion this financial year, supported by the successful launch of the Laybuy App Exclusives (the Affiliate Marketing Network), which provides Laybuy with yet another differentiator to access growth in the UK. Initially launching with 160 merchants in late August, it now has over 170 active merchants and has the ability to increase to 5,000 over time across a wide range of verticals.

“While the Laybuy App Exclusives has given Laybuy a significant uplift in GMV in the UK, it has resulted in a lower than anticipated average commission earned. Late fees as a percentage of GMV are lower than the prior comparative period. As a result, Laybuy is targeting global revenue growth of 60-70% this financial year. Our forecast annualised GMV remains unchanged at NZ$1 billion.”

“Our focus remains firmly focussed on growing our UK market, which continues to present enormous opportunities to Laybuy. We are one of the top three BNPL providers in the UK and we expect to see revenue growth of between 75-85%. To support continued revenue growth in the UK, we have also established a dedicated team focussed on maximising commercial arrangements and optimising revenue.”

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