FinTechFunding

PayGroup: Receives record cash receipts in Dec. quarter

  • Business process outsourcer PayGroup (PYG) achieved record sales growth across all business sectors in Q3 FY21
  • The company received record cash receipts of $4.6 million, a 48 per cent increase on the prior corresponding period
  • Additionally, the company signed a total contract value (TCV) of $2.8 million, an increase of 115 per cent over the $1.3 million signed in Q3 FY20
  • Pleasingly, PayGroup delivered positive operating cash flow of $632,000, with funds coming from customer receipts as well as government grants and tax
  • Overall, the company still burnt more than $4.4 million on staff, administration and corporate costs
  • As of December 31, PayGroup had a cash balance of just over $4.9 million
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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