Butn Achieves Record FY23 Performance and Growth

Butn Limited (ASX: BTN) has reported a robust financial performance for the fiscal year (FY) ending June 30, 2023. Notably, the company achieved record-breaking figures across various metrics. Originations for FY23 amounted to AU$441 million, reflecting a substantial 61% increase compared to the previous year. In Q4FY23, originations reached a new high of over AU$117 million, with May 2023's monthly record at AU$45 million, showcasing continued growth momentum. Revenues for FY23 reached AU$11.9 million, more than doubling from the prior year's AU$5.4 million. This marked an increase of 120% year-on-year.

The company maintained a strong financial position with a positive EBITDA of AU$1.2 million for FY23, a significant improvement from the previous year's AU$3.8 million loss. Operating cash outflows for FY23 were AU$0.7 million, down from the prior year's AU$3.9 million outflows. The financial report also highlighted the success of securing additional debt funding amounting to over AU$23 million, increasing annual origination capacity to nearly AU$500 million. Equity raising of approximately AU$3.8 million further supported growth initiatives. With a closing cash balance of AU$14.6 million as of June 30, 2023, Butn remains poised for continued expansion.

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