My Rewards International (ASX:MRI) - Delivers record revenue and customer growth in H1 FY22

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My Rewards International Limited FY22 Half Year Financial Results

 

Melbourne, Australia: 28th February 2022 – My Rewards International Limited (ASX:MRI) (“My Rewards the Company”) is pleased to announce its results for the half year ended 31 December 2021 (H1 FY22). The Company continued to deliver exceptional revenue growth building off its strong technology platform and growing a number of blue-chip clients. Over the past 12 months, My Rewards has invested significantly in customer experience improvements, technology, brand and marketing, reinforcing the Company’s global growth strategy. Taking into account the effect of the acquisition of Perx Rewards Pty Ltd (“Perx Rewards”), which was completed in February 2022 in connection with the Company’s IPO and ASX listing, the pro forma revenue growth for H1 FY22 was 137% YoY, growing from $10.03m in H1 FY21 to $23.8m in H1 FY22 for the now combined entities.

1H FY22 Financial Highlights

 

  • Revenue growth of 56% YoY to $9.5m for My Rewards.
  • Revenue growth of 263% YoY to $14.3m (unaudited) for the recently acquired Perx Rewards.
  • On a pro forma basis, revenue growth of 137% YoY - from $10.03m in H1 FY21 to $23.8m in H1 FY22 for the now combined entities.
  • Adjusted EBITDA (excluding once off listing costs and employee share options costs) of ($1.5m) for My Rewards and ($1.7m) on a pro forma basis.
  • Successfully raised $2.8m in pre-IPO capital during H1 FY22. A further $5m was raised in February 2022 as part of the IPO.
  • The Company welcomed 16 new corporate clients in H1 FY22 (5 in H1 FY21), a YoY growth of 220%. Total new members who have access to the My Rewards platform (on pro forma basis) increased by 1.25 million to 5.85 million, a growth of 27%.

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1H FY22 Trading Highlights

 

Ria Contract

My Rewards is continuing the roll-out of the Ria Money Transfer contract. Ria is one of the big four global money transfer companies which is in contract with My Rewards for the roll-out of its own customer rewards program across an initial six countries, with gradual expansion into all of Ria’s markets covering over 30 million customers. The Ria Money Transfer contract continues the track record of success in My Rewards winning loyalty and rewards contracts with major global brands.

 

Digital Wallet

The My Rewards team has begun the expansion of its e-commerce platform to include the My Rewards Digital Wallet. The Digital Wallet will allow My Rewards to monetise in-store transactions through a QRcode payment system.

 

Wyndham

In addition to the Ria Money Transfer contract, My Rewards has won a contract with Wyndham Destinations Asia Pacific (“WDAP”), a division of Travel + Leisure Co. (NYSE:TNL US$4.9B market cap), to develop and operate a customer rewards program. The WDAP rewards program, “Lifestyle by Wyndham” has been launched in Australia and New Zealand, with the roll-out to extend across China, Japan and Indonesia over the next year. The 12-month rolling contract with WDAP allows My Rewards to explore new markets and onboard new customers in China, Japan and Indonesia and grow My Rewards’ customer rewards offering.

 

My Rewards My Way

The My Rewards consumer offering gradually accelerated during H1 FY22 as businesses reopen post Covid-19 lockdowns. The marketplace currently has 380,000 products, offers and services available, and allows My Rewards to provide all Australians with access to everyday savings across multiple consumer verticals including hospitality, fashion, financial products, automotive products and services and more.

 

Managing Director, Maitreyee Khire, commented on the growth outlook for My Rewards in Australia and internationally:

"The investment in customer experience improvements, technology and marketing over the last 12 months has prepared My Rewards to grow rapidly on a global stage. My Rewards has tremendous opportunities not only here in Australia, but overseas as well, as consumers emerge from lockdown fatigue."

 

 

Maitreyee-Khire-circleThe My Rewards 360 degrees solutions will help unlock some of the challenges faced by companies and retailers as they look at loyalty, rewards and engagement platforms to revitalise their relationships with their employees and customers.

Maitreyee Khire, Managing Director of My Rewards International

 

 

 

Read the full announcement here.


 

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