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Afterpay on course for record sales month

Steven Deare
·1-min read

Afterpay's global sales were on course for a record month as more businesses adopt the service in the UK and US.

Co-CEO Anthony Eisen at the company's annual general meeting said last month was a record one for global sales, and November sales were on course to top those figures. He did not provide figures.

Mr Eisen referred to underlying sales, the company's measure of transactions which might not meet accounting standards but which management believe is a better indicator of performance.

He said the rate of new customers was accelerating since the end of the first quarter in the UK and US as more businesses adopted Afterpay.

The Australian vendor is six weeks into the second quarter of its 2021 financial year.

In its first quarter, it increased underlying sales by 115 per cent to $4.1 billion.

Meanwhile Mr Eisen and Nick Molnar, who founded the company together, will become co-CEOs.

Mr Eisen has been chief executive, based in Australia, while Mr Molnar has been global chief revenue officer, based in the US.

Chair Elana Rubin said the focus on international operations had never been greater and the appointments would ensure an appropriate level of oversight.

Shares were lower by 5.86 per cent to $95.51 at 1559 AEDT.