The stock is trading 11% higher around lunchtime following their first half results which showed revenue fell on 1H20 being blamed on lock downs but EBITDA climbed substantially to $8.5m. Their terminals processed a record $12.1b in transaction for the 6 months, up around 10% on a 13% increase in merchants.
The market was more consumed with the response to recent outages which put them in the cross hairs of a short seller report earlier in the year. Tyro has estimated the cost to fix or replace impacted terminals would be ~$4m, as well as up to $15m in possible claims.
Despite the unprecedented outage, the company noted churn rates and new terminal applications were not significantly different to historical levels.
MM continues to like TYR.
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