morning traders 29 / 04, page-14

z1p flying:

Zip Co Limited (ASX: Z1P) (Zip or the Company) is pleased to announce its quarterly update for the period ending 31 March 2019 (Q3 FY19). HIGHLIGHTS • Record quarterly revenue of $23.0m, up 20% on Q2. • Receivables increased to $565.3m, up 16% on Q2. • Transaction volume of $281.4m, up 107% year on year. Transaction volume for March back above $100m levels. • Customer numbers increased to 1.2 million, up 143k in the quarter, an increase of 14% on Q2. • Market-leading credit performance with net bad debts 1.75%, down from 1.81% in Q2. • Operating leverage continues with scale – costs (as a percentage of average receivables), fell from 16.1% in Q2 to 15.5% in Q3. • Raised $56.7 million (before costs) in equity capital. • Signed wholesale agreement with global payments provider Adyen, allowing them to market Zip to their Australian clients. • Chemist Warehouse, General Pants and Lorna Jane joined the platform, with a strong enterprise pipeline going into Q3. • Zip officially launched in New Zealand, supporting the roll out of Super Retail Group.