It has since cracked 100,000 merchants in the early weeks of the new financial year.Īfterpay's net profit margin on underlying sales fell from 2.3 to 2.1 per cent over the financial year.Īfterpay's share price closed down 1.2 per cent to $133.50, although investors remain more focused on the looming Square takeover than today's results announcement. The company said it had a 63 per cent increase in active users to 16.2 million, 77 per cent growth in merchants to 98,200, and 90 per cent rise in underlying sales using its service. The investment is showing up in total income, which was up 78 per cent to $924.7 million. ![]() "We believe that the profits would come over the coming years, and certainly well within a 10-year investment timeframe." Mr Orthman is patient in waiting for Afterpay's first profit, even after its looming tie-up with Square. "That top-line growth, that's what we'd expect them to do." "Investing really heavily in the business, in future growth initiatives, new products, so when you look at how much you're spending on marketing, how much you're spending on staff, that's growing at higher and higher levels," he told The Business. Jason Orthman is lead portfolio manager with Hyperion Asset Management, which owns about 3 per cent of Afterpay and also has a stake in Square, the US payments company taking it over. Many big shareholders are literally buying into the narrative. "Maintaining that investment and that growth trajectory, but not letting margins slip, has been a good focus." ![]() "That is an investment for the future and you're seeing that show up in the strong pipeline of merchants that are coming on board in the first half of this current financial year," he told ABC TV's The Business. Afterpay founders Anthony Eisen (far left) and Nick Molnar (far right) have lived every tech entrepreneur's dream.
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