The Tyro Payments Ltd (ASX: TYR) share price was out of form on Monday and fell heavily with other payments shares such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).
At one stage the payments solutions company's shares were down as much as 20% to a 52-week low of $2.77.
They did recover some of these declines and ended the day with a 16% decline to $2.92.
However, Tyro Payments shares could fare better on Tuesday when the market reopens. This follows the release of an announcement after the market close today.
What did Tyro Payments announce?
The company advised that it has decided to release an update in response to current market uncertainty surrounding the impact of the coronavirus outbreak on transaction values for payments businesses.
The good news is that Tyro Payments has continued to deliver solid growth in transactions since the turn of the year and into March.
In January the company processed $1.830 billion worth of transactions. This was up 27% from $1.444 billion in the prior corresponding period.
In February Tyro Payments processed transactions worth $1.785 billion, which was up 30% on the prior corresponding period. Though, the company did benefit from an extra day in February because of the leap year.
And month to date in March, the company has processed $0.489 billion worth of transactions. Whilst this is up only 18% on the prior corresponding period, the current period includes two Sundays compared to one in 2019. On a same day to same day basis (8 days), the growth rate would be 26%.
These growth rates are similar to what was achieved in the first half of FY 2020 when Tyro Payments delivered a record $11.1 billion in transactions. This was an increase of 30% on the prior corresponding period. Which appears to indicate that there has been little disruption from the coronavirus outbreak at this stage.
