PAYGROUP DOUBLES REVENUE H1 FY21

• Payroll provider PayGroup (PYG) has reported a 100 per cent year-on-year revenue increase from H1 FY20 to H1 FY21
• The company also saw a material earnings improvement, with $1.6 million in earnings compared to a $1 million loss in H1 FY20
• The group also reported a net profit after tax of $444,000, compared a loss of $1.4 million at the same time last yearStrong revenue growth, ongoing cost efficiencies, and government wage subsidy programs such as JobKeeper lead to the financial success
• Additionally, total contract value increased from $2.8 million to $5.4 million with the help of two payroll provider acquisitions
• At the end of the period, PayGroup had a healthy $5.3 million in the bank after a $3.5 million capital raise conducted in September

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