Laybuy Group (ASX:LBY) delivers record Q2 results, shares closed over 8% high

Highlights 

  • Laybuy Group Holdings has announced a new debt facility has been signed with Partners for Growth (PFG), a US-based specialist lending provider with a global reach.
  • The Company has delivered record Q2 results for the quarter ended 30 September 2021.
  • Post this announcement, the shares of the Company traded over 8% higher and the stock LBY closed at AU$0.525 per share on ASX.

ASX-listed leading “buy now, pay later” (BNPL) operator Laybuy Group Holdings (ASX:LBY), via an announcement on 22 October 2021, provided an update to its existing and new debt facilities and an update on trading for the quarter ended 30 September 2021 (Q2 FY22). 

Read More: IOOF’s (ASX:IFL) marks robust financial performance in FY21

In its Q2 highlights, the Group announced:

  • New debt facility with US specialist lender 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.
  • Laybuy App Exclusives (Affiliate Marketing Network) successfully launched in the UK with over 160 household brands and with an ability to reach over 5,000 merchants in a wide range of verticals.
  • Gross Merchandise Value (GMV) reached a record NZ$206 million for Q2, or annualised GMV of NZ$825 million, an increase of 62% Y-o-Y.
  • GMV for September also reached a record NZ$78.5 million or annualised GMV of NZ$942 million, an increase of 88% Y-o-Y.
  • United Kingdom GMV almost doubled in Q2, reaching annualised GMV of £226 million or NZ$446 million, up 93% Y-o-Y.
  • Active Customers reached 889,000, up 57% Y-o-Y. UK active customers were up 90% Y-o-Y.
  • Active Merchants reaching 11,700, up 86% Y-o-Y. UK active merchants were up 332% Y-o-Y.
  • Laybuy remains on track to reach the NZ$1 billion GMV target for FY22.

Today, the stock LBY closed over 8% higher at AU$0.525 per share on ASX. 

The Group today informed that in Q2, LBY added nearly 2,000 merchants, including Amazon, ASOS, Nike, B&Q, and eBay, through App Exclusives. As of the October market update, which is today, the company has eclipsed 900k active customer milestones and exceeded 12,000 active merchants on the platform.

 Read More: Insurance Australia Group posts loss of AU$427M in FY21

Bottom Line: 

This new debt facility will enable Laybuy to accelerate growth in the UK market further. Combined with the increased facility limit on the Kiwibank facility, the company is in a strong position to continue to deliver exceptional growth - with the ability to support GMV of up to NZ$2 billion.

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