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Eftpos provider back in the black

 

Independent Eftpos provider, Tyro, has recorded its first operating profit of $3.3 million, up from a loss of $500,000 last financial year. tyrp

Tyro FY2012/13 financial results show a net profit of $9.9 million (including $6573 in recognition of deferred tax asset). Operating profit increased to $3.3 million and revenue by 38 per cent to $39.1 million versus the prior year.

Tyro broke through to profitability in March 2012 and is focused on Australia’s small and medium business market.

More than 8,000 businesses now use Tyro, including retailers, newsagents, pharmacies, practices, and restaurants.

Tyro Payments is run by Jost Stollmann, who previously founded and grew German IT company, CompuNet, into a $1 billion business, before selling it to GE Capital in 1996.

“We are putting Australia’s big banks on notice. We have surpassed $4 billion in credit and debit card transactions in 2012 and have delivered a healthy profit,” Stollmann said.

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“The value of Tyro transactions increased by 38 per cent last year compared to 2011. They have risen more than 100 per cent year on year since 2007, as retailers and customers flock to our innovative payments system.”

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