AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Laybuy has clocked NZ$71 million of GMV in November, higher than forecasted NZ$61 million.
- The UK was the strongest performing market with a 79% increase in sales, outpacing Australia and New Zealand.
On 2 December 2020, Laybuy Group Holdings Limited (ASX: LBY), a significant player in buy now pay later (BNPL) in New Zealand has released its November 2020 update. Due to the increasing popularity of the company growing amongst consumers, it has experienced better than expected growth in this month.
Source: Shutter Stock
During the Half-yearly results, released on 23 November 2020, the company forecasted a Gross merchandise value (GMV) at NZ$61 million. However, the company clocked a GMV of NZ$71 million, representing a 56% growth over the previous month. Comparing with the last year, the growth in GMV continued throughout this year, leading to a massive 220% growth on YoY basis. However, November is generally a strong month heading to the start of the Christmas shopping season with sale days as Black Friday and Cyber Monday.
Apart from the GMV, the company has also witnessed good growth in the number of new and active customers and merchants signing up for the platform. During the last two months, almost 19% growth has been witnessed in active merchants and a 14% increase in active customers.
A total of 79,300 new customers have also been added on the platform.
The United Kingdom outperformed other markets
All the markets witnessed substantial growth, but the United Kingdom proved to be the best performing market for the company. Compared to October, Australia and New Zealand both witnessed a healthy growth of 33% in November. The UK markets surpassed the performance, and the sales surged by a staggering 79%.
Source: Shutter Stock
The recent impact of the Covid-19 lockdown in the UK has helped the online retail space tremendously. This retail revolution has continued to attract high online traffic while the purchases from the physical stores were impossible.
The company’s strong market strategy coupled with its easy and interest-free alternative to credit cards proved to be the growth drivers for the UK market. The recent sponsorship from world-famous football clubs like Manchester United and Manchester City and a partnership with Arsenal played a crucial role in the brand-building amongst the fans.
Stock Performance
Laybuy’s share price is trading at A$1.415, up by 1.43% (as at 12:32 PM). The company has delivered a return of negative 30.7 since its listing on 7 September 2020.
