Chief executive Jon Davey says the payment provider’s new strategy will restore confidence in the business after a drawn-out takeover fight.
But the company went to market with its new strategy on Wednesday.Tyro chief executive Jon Davey says the payment provider’s new strategy will restore market confidence in the business after a drawn-out and, ultimately, doomedThe strategy, which the company revealed to investors on Wednesday, hinges on Tyro’s ability to push into new segments alongside its healthcare play and grow its small banking arm to contribute 20 per cent of gross profits by 2027.
While Tyro posted its first profit as a listed entity in the 2023 financial year, shares have fallen 25.8 per cent, or 41¢, in the last 12 months after it had courted takeover interest from private equity group Potentia Capital and big four bank Westpac. Potentia, which is backed by ex-MYOB boss Tim Reed, was the only suitor to launch an offer, initially at $1.27 per share, but it grew up to $1.60 per share. The Tyro board had hoped for an offer nearer to $1.75.
“Investors had questions about why do you want to do banking?” Mr Davey said. “We have firmly answered that and demonstrated that we have a clear plan for how we are going to gain value.”
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