Clearpay’s parent company records 110% profit growth

This is a 110% increase when compared to the same time the previous year, with the firm reporting a statutory gross profit of $306.9m (£217.3m).

Its decrease in total liabilities of $251.2m (£177.9m) from 30 June 2020 to $410.9m (£290.9m) is primarily due to paydown in debt. This is, however, offset by the increase in Clearpay Put Option liability of $64.8m (£45.8m) due to an increase in the valuation of Afterpay’s UK operations.

Afterpay’s total income is $417.2m (£295.4m), recording losses after tax of $79.2m. In the UK, it reported total underlying sales of $785.1m (£555.9m) - a 288% increase when compared to the same time the year earlier. In Australia and New Zealand, this went up by 53% to $4.7bn (£3.3bn), while in North America it reported $4.2bn (£2.9bn) in the first half of 2021 - a 195% increase compared to the $1.4bn (£991m) it made at the same time last year.

Overall it had 13.1 million active consumers across its business, an 80% increase when compared the same time last year. Of this, 1.6 million were based in the UK, 3.4 million came from Australia and New Zealand, and 8.1 million are in North America.