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Afterpay soars on upbeat update

Shares in Afterpay Touch have soared to a new high after the buy now-pay later service provider flagged expected 2017/18 earnings of $33 million to $34 million, up from $6 million a year ago.

Afterpay shares gained $2.61, or 23.9 per cent, to close at a new all-time high of $13.53 on Thursday.

In an upbeat market update, Afterpay said underlying sales for the 2017/18 financial year had hit $2.18 billion - an almost four-fold increase on the year before.

The group also said its US business, launched in May, had made a strong start, with more than 400 retailers contracted to use the service.

In Australia about 10,000 individual shops are now using Afterpay.

The company said it expects to post revenue of $142 million and earnings of $33 million to $34 million when it releases its full-year results on August 23.

In 2016/17, Afterpay achieved revenue of $22.9 million and earnings before interest, tax, depreciation and amortisation of $5.8 million.

Austrlaian Associated PressBack to Breaking News

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