Here's why the Tyro (ASX:TYR) share price is leaping 5% today

Tyro shares are rallying to year-to-date highs.

| More on:
A woman leaps in the air, so excited because she just purchase a new car.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Tyro Payments Ltd (ASX: TYR) share price is a top performer today, rallying 5.87% to $3.97.

What's lifting the Tyro share price on Monday?

Weekly COVID-19 trading update

Tyro has been providing weekly transaction value updates since March 2020. This measure was introduced to provide transparency as to the impact of COVID-19 on its EFTPOS machines business.

This week's update highlighted a 28% increase in date-on-date transaction values to 3 September of $219 million.

While September year-to-date figures were up 23% to $4.579 billion.

Tyro's transaction value has remained buoyant despite prolonged lockdowns taking place across Victoria and New South Wales.

Tyro joins the ASX 200

S&P Dow Jones Indices announced a rebalance on Friday 3 September. The rebalance will be effective before market open on 20 September.

The Tyro share price, in addition to Lifestyle Communities Limited (ASX: LIC), Pinnacle Investment Management Group Ltd (ASX: PNI) and SeaLink Travel Group Ltd (ASX: SLK), will be added to the S&P/ASX 200 Index (ASX: XJO).

While weak performers G8 Education Ltd (ASX: GEM), NRW Holdings Limited (ASX: NWH), Nuix Ltd (ASX: NXL) and Westgold Resources Ltd (ASX: WGX) will be removed from the index.

Tyro shares performing strongly post-FY21 results

The Tyro share price has rallied 10.5% since releasing its FY21 results on Thursday 26 August.

Despite terminal connectivity issues in January and rolling COVID-19 lockdowns across major cities, the company delivered a well-rounded result.

The payment solutions company delivered a 26% increase in transaction values to a record $25.5 billion and a 13% increase in revenue to $238.5 million.

The company's bottom line showed signs of improvement with earnings before interest, taxes, depreciation and amortisation (EBITDA) of $14.2 million compared to a $4.4 million loss in FY20. This is in addition to a normalised net loss before tax of $10.9 million, compared to a $25.9 million loss in FY20.

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended PINNACLE FPO and Tyro Payments. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended PINNACLE FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Happy woman working on a laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant end to the trading week for investors this Friday.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Chrysos, GQG Partners, Macquarie, and Webjet shares are storming higher today

These shares are ending the week on a positive note. But why?

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Share Gainers

The top 3 ASX 200 trades since the Liberation Day dip

These companies are up at least 35% in just over a month.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the market higher once again today.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

3 reasons to buy this surging ASX All Ords gold stock today

The ASX All Ords gold stock has doubled investors’ money in 12 months, and this leading expert forecasts more outperformance…

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Generation Development, Orica, Pro Medicus, and Zip shares are storming higher today

These shares are having a strong session on Thursday. But why?

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 114% in a year, why is the Pro Medicus share price leaping higher again on Thursday?

Pro Medicus shares are back in form today and leaping ahead. Here’s why.

Read more »