Tyro (TYR) showing payments growth week on week
Tyro Payments (TYR) +7.92%: This morning TYR released its weekly trading update which it has been doing throughout COVID. We are providing just a high-level summary as TYR was/is the fastest growing terminal provider and likely to be a good indicator of broader offline transactions with a primary skew towards hospitality. As you’d expect, they are showing a steady increase in volumes as restrictions ease.
Key takeout’s
· Weekly transaction value (TV) to May 29th was ~$306m, or $43.7m a day. This is up 3% on the prior week, a similar delta to the prior week and continues weekly improvements.
· TV per day bottomed in Mid-April (week of 17th) at $27.8m and on a MoM basis TV is now comping ~43% higher. TV YoY for TYR is now down only 18% YoY versus -46% at the peak; and
· On current TV recovery run-rate Tyro volumes are on track to recover to pre-COVID levels in ~9-10 weeks or by August 2020.
Overall TYR is a strong bellwether for the domestic economic recovery, particularly in offline and retail/hospitality.
Source: Shaw & Partners
