Business
Everyday People Financial Reports Operational Update, with Strong Financial Results for the Three and Six Months Ended June 30, 2024 and Reduces Long-Term Debt by $2.5 Million
Revenue increased by 63% to $30.6 million in the first half of 2024. Net income before tax ...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Reports Operational Update, with Strong Financial Results for the Three and Six Months Ended June 30, 2024 and Reduces Long-Term Debt by $2.5 MillionRevenue increased by 63% to $30.6 million in the first half of 2024. Net income before tax increased by 212% to $2.0 million in the first half of 2024.Adjusted EBITDA increased by 277% to $5.5 million in the first half of 2024.Net working capital improved by $4.1 million in the first half of 2024. Reduced long term debt of $2.5 million in the first half of 2024.Edmonton, Alberta--(Newsfile Corp. - August 13, 2024) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a financial service provider, is pleased to announce its consolidated financial results for the three and six months ended June 30, 2024. All figures are in Canadian dollars unless otherwise stated. \"Our exceptional financial performance in the first half of 2024 highlights our commitment to driving growth through our three business pillars and enhancing shareholder value,\" said Gordon Reykdal, Executive Chairman of Everyday People. \"We are also pleased to report a $2.5 million reduction in our long-term debt in the first half of 2024, with an additional $1.6 million decrease already achieved in Q3 2024 to date. Going forward we anticipate reducing our long-term debt by another $4.9 million by the end of 2024.\"Key Financial Comparable Metrics relative to Q2 2023, respectively Revenue: increased by 46% to $15.8 million in Q2 2024, and increased by 63% to $30.6 million for year-to-date 2024, representing record performance for both periods. Adjusted EBITDA1: increased by 142% to $2.4 million in Q2 2024, and increased by 277% to $5.5 million for year-to-date 2024.Net income before taxes: increased by 192% to $0.6 million in Q2 2024, and increased by 212% to $2.0 million for year-to-date 2024.Long-Term Debt: reduced by $2.0 million in Q2 2024, and by $2.5 million for year-to-date 2024.Management Commentary and Financial Results per Business Pillar Building on a very strong Q1, the Company is pleased to deliver another solid quarter and anticipates a strong close to 2024 with significant milestones being achieved.With the changes the Company's EP Homes business model, the Company is excited to now have all three business pillars contributing on a non leveraged b...