News: ZIP Zip Says Co In-Line With Strategic Objectives Outlined In HY22 Results Update

June 22 (Reuters) - Zip Co Ltd (ZIP) :

• BUSINESS UPDATE CONTINUING TO EXECUTE ON THE PLAN
• ZIP'S UNDERLYING BUSINESS REMAINS STRONG
• COST REDUCTION INITIATIVES EXPECTED TO DELIVER OVER A$30M IN EBTDA BENEFITS IN FY23
• ACQUISITION OF SEZZLE REMAINS ON TRACK AND IS HEADING TO A SHAREHOLDER VOTE LATER THIS CALENDAR YEAR
• IN LINE WITH STRATEGIC OBJECTIVES OUTLINED AS PART OF RECENT HY22 RESULTS UPDATE
• REMAINS "SIGNIFICANT OPPORTUNITY" FOR ZIP AND BUY NOW, PAY LATER PRODUCTS IN A HEIGHTENED INFLATIONARY ENVIRONMENT
• CONTINUES TO REVIEW ITS CAPITAL ALLOCATION FOR ITS REST OF WORLD BUSINESSES
• CONTINUES TO REFINE ITS CREDIT MANAGEMENT STRATEGY AND PERFORMANCE TO DRIVE LOSSES TOWARDS OUR TARGET LEVEL OF 2% OF TTV AND BELOW
• WELL PLACED TO RESPOND TO, AND OFFSET, EFFECTS OF RISING INTEREST RATES
• REMAINS WELL-FUNDED WITH A$303 MLN AVAILABLE IN CASH AND LIQUIDITY AS OF 31 MARCH 2022
• CO WELL-PLACED SHOULD FURTHER REGULATION SEE BNPL COME UNDER NATIONAL CONSUMER CREDIT PROTECTION ACT