TYR +1.68%: the payment software and terminal company upgraded guidance today on the back of a strong start to FY22. EBITDA is now expected in the range of $28-$34m, up around 20% on the previous guidance and over 40% above consensus at the midpoint. The company processed over $10b in transactions in the first quarter, up 59% on the COVID-impacted 1Q of last year. The main driver of the upgrade was expected cost savings with the company targeting $11m/yr in the cost base, as well as a total of $5m this year. The upgrade comes as Jon Davey takes over as CEO, with Rob Cooke departing the business at the end of the year. A positive update and may entice further developments in a rumoured takeover play.
MM is neutral TYR around $1.50
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