Tyro doubles half-year profit, reaffirms guidance

The news: Payments provider Tyro has doubled first-half profit on an expanded reach for its banking products and reaffirmed full-year guidance.

The numbers: Net profit for the six months to December rose to $10.3 million from $5.1 million a year ago. Its earnings were up 20.6% to $33 million and earnings margin expanded 3.5 percentage points to 29.5%.

The context: Tyro said the improved result was driven by an ongoing focus on margin management and effective cost discipline. Tyro Health reported a 16% growth in transaction volume, while more merchants adopted its integrated banking product suite in the first half, with active users up 34%. The payments provider reaffirmed its full-year guidance for gross profit between $218 million and $226 million and earnings margin of 28%.