Zip narrows losses and is ready for more regulation
The AFR reported that listed credit card disrupter Zip says it is ready for any potential changes coming to the buy-now, pay-later sector, including more regulation and stricter responsible lending requirements. The Senate committee inquiring into the sector is due to hand down its final report after the market closes today. On Wednesday the share price of Zip and its rivals Afterpay and FlexiGroup dropped sharply, prompting the corporate regulator to look into the trading. ASX-listed Zip reported on Thursday it had narrowed its net loss to $6.8 million for the six months ended December 31, 2018, compared with a $14.6 million loss in the year earlier period. Its revenue more than doubled to $34.2 million in the same period after signing up major retailers including Bunnings, Targets and Officeworks. On Thursday Zip shares closed at $1.39, up 8%. As in the previous year, Zip has declared no dividend.