Ann: Tyro 2021 AGM - Chair and CEO Address to Shareholders, page-44

HI

There is no question that TYR has continued to grow YOY, MoM according to the weekly reports.

As you say its been doing much better than last year despite a truckload of interruptions from lock downs, curfews, boarder restrictions etc.

last year


following last year FY 20 which saw 26% growth in transaction volume, Tyro delivered

- And even more impressively we lifted gross profit 28% to a new high of $119.4 million.

SO when you consider the transaction reports from the current financial year



All months up on last year, well up despite as you point out restrictions etc

to then inform the market the GP is 38.5M which is generated on volumes well up on last year but which would be slightly lower annual GP if the increases on last year continue...Then you would be imo looking for answers, clearly transactions growing up again up but margin must be sliding.

(I also find it odd margins were shrinking as they had indicated in earlier conference calls that the use of local cards VS overseas credit cards were actually more profitable,,and as we only just started to receive OS traversal on Monday something is off and needs clarification imo -

in the absence of a forecast and detailed explanation from the company its seems clear that gross profit is not rising in line with the growth of transactions as it did last year ,

ill wait to see what notes come out overnight but today resignation and company info makes me wait for further clarification before considering getting involved again regardless of wild swings and rebounds.

good luck