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humm Appoints New CFO as Net Profits Increases 121%
BNPL provider, hummgroup, is reporting ‘continuing momentum’ in its unaudited Q4FY21 update, with a 57 percent increase in its quarterly volume growth.
hummgroup is reporting a 57.3 percent (on pcp) increase in transaction volume in the last quarter of FY21 to $774.9 million and a ‘record’ quarterly segment transaction volume of $304.9, up 68.7 percent on pcp. Its card transaction volume is also up 44.3 percent on pcp to $287.5 million, with spend returning across ‘key’ categories.
The BPL provider now has more than 2.7 million customers, increasing 19.7 percent on pcp. Its cash net profits are up 121.1 percent on pcp, with a net loss (gross write-offs, net of recoveries) continuing to improve, down 20.3 percent on pcp to $30.2 million ($37.9 million in Q4FY20).
“We are confident in carrying this volume momentum into FY22 as our products continue to evolve and mature, we execute on our international expansion, and we deliver on our partnership strategy,” said Rebecca James, CEO of hummgroup. “hummgroup has continued to deliver growth and profit in FY21, and we expect to report Cash NPAT of $68m, an increase of 121% on FY20. hummgroup’s sustainable profit is a key differentiator against many of our competitors, and importantly will be the fuel to fund the Company’s growth strategy.”
Additionally, hummgroup has appointed Adrian Fisk as its new CFO. Fisk joins the company with experience as CFO and Head of Partnerships at Willow. He was also the previous partner and National Leader for KPMG’s Financial Services, where he was responsible for the company’s CFO advisory practice and treasury engagements in the US and Asia.
“We’re delighted that someone with Adrian’s significant financial, investor relations, strategy and business transformation skillset has agreed to join hummgroup,” said Rebecca James. “His local and international experience will be vital as we invest in our growth initiatives and expand our customer numbers, merchant numbers and addressable market both locally and abroad. I would like to thank Jason for his significant contribution to the company, including helping the Company to successfully navigate the impact of COVID-19.”
Adrian Fisk explained that his passion for technology and data-driven financial services would help him drive further growth and culture within the humm business. “hummgroup has emerged from the pandemic in the strongest possible position with substantial capital at its disposal to pursue both international and domestic growth and I look forward to helping achieve those goals,” he said.
Fisk will commence his role on July 19 2021, where current CFO, Jason Murray, will commence a smooth transition out of the role later in September. “hummgroup is in a fabulous position to continue its growth strategy, and I have thoroughly enjoyed working with Rebecca, the executive and the Board and wish the Company continued success,” Murray said.