Announcement PDF PAYMENTS, FINANCING AND A/R AUTOMATION FOR PROFESSIONAL SERVICES FIRMS Appendix 4D and Interim Report for the half-year ended 31 December 2024 QuickFee Limited Appendix 4D For the half-year ended 31 December 2024 (H1 FY25) Results for announcement to the market Previous corresponding period: half-year ended 31 December 2023 (H1 FY24) $’000 UP/DOWN MOVEMENT % Revenue from ordinary activities 11,719 Up 26.6% Loss from ordinary activities after tax attributable to members (1,226) Down –63.6% Net loss for the period attributable to members (1,226) Down –63.6% The group has reported a loss for the period of A$ 1,226,000 (H1 FY24: $3,364,000), with net assets amounting to A$ 7,717,000 as at 31 December 2024 (30 June 2024: A$ 8,508,000), including cash and cash equivalents of A$ 15,436,000 (30 June 2024: A$ 13,551,000). Please refer to the ‘review of operations and activities’ on pages 1 to 12 for further explanation of the results. Additional information supporting the Appendix 4D disclosure requirements can be found in the review of operations and activities and the financial statements for the half-year ended 31 December 2024. Dividends No dividends have been paid, recommended, reinvested or declared by QuickFee Limited for the current financial period. No dividends of QuickFee Limited were paid for the previous financial period. The group does not operate a dividend reinvestment plan. 31 DECEMBER 2024 31 DECEMBER 2023 CENTS CENTS 2.12 2.02 Net tangible assets per ordinary share Changes in controlled entities There have been no changes in controlled entities during the half-year ended 31 December 2024. Foreign entities All foreign entities have adopted the same accounting standards as the Australian parent entity. Review The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. TABLE OF CONTENTS 4. Review of operations and activities 13. Directors’ report 14. Auditor’s independence declaration 15. Financial statements 36. Directors’ declaration 37. Independent auditor’s review report 39. Corporate directory QuickFee helps professional services firms automate and accelerate A/R and grow their business. As a market-leading payments and accounts receivable automation provider for professional services firms, QuickFee serves 40% of the INSIDE Public Accounting (IPA) Top 300 firms in the US. TRUSTED FOR PAYMENTS AND FINANCING SOLUTIONS SINCE 2009: QuickFee accelerates invoice payments, improves cash flow for both firms and their clients and helps firms grow their business. To accomplish this, the QuickFee payment portal offers multiple options: credit/debit cards, ACH and an exclusive financing solution – QuickFee Finance - that allows clients to spread payments over 3-12 months. With QuickFee Finance, clients can set their preferred payment schedule while firms receive payment in full, without additional costs. PROVIDERS ACROSS THE US AND 1,250+ SERVICE AUSTRALIA 90 82 QUICKFEE1 QUICKFEE PAYMENT PLAN USERS SAY THAT % OFTHEY’RE LIKELY TO USE THEM AGAIN, AS A Operating in the United States and Australia, QuickFee provides affordable, scalable solutions backed by world-class customer service. The company maintains a low credit-loss business model and is led by an experienced management team with an engaged Board. With the US market representing the largest growth opportunity, QuickFee aims to drive transformational growth through five key levers: QuickFee Finance, QuickFee Connect, Differentiated Technology, Strategic Alliances and Partnerships and Automation. OF QUICKFEE PAYMENT PLAN USERS LIKED USING % THIS OPTION, AND WERE LIKELY TO RECOMMEND 97 CONVENIENT WAY TO MANAGE CASH FLOW. OF FIRMS SAY THAT AT LEAST A QUARTER OF CLIENTS REQUEST/NEED SOME PAYMENT % THEIR FLEXIBILITY TO AFFORD THEIR PROFESSIONAL SERVICES2 OVER $600M LOANS ORIGINATED SINCE INCEPTION 1 2 2024 US QuickFee Payments Plan User Survey 2024 US QuickFee Firm Survey QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 1 Our Value Proposition Comprehensive digital payment solutions, powered by intelligent automation. QuickFee’s solutions provide a modern alternative to the outdated, time-consuming invoicing and accounts receivable processes at many professional services firms. QuickFee offers payments, financing and accounts receivable (A/R) automation for professional services firms. We help firms get paid faster, improve cash flow, and automate the engagementto-cash workflow. This is critical because the need for automation and A/R efficiency has never been greater at these firms. In the 2024 US QuickFee Firm Survey, 64% of firms said it was at least somewhat important to automate the entire payment cycle, from engagement letter to cash. Additionally 69% or more are still not seeing payment until 45 days or more after completing the work – often requiring hours of lost billable time to collect payments. These factors all likely played a role in 53% of firms deciding to focus their technology budget on automating manual processes in 2025. QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 2 Our Value Proposition Continued Our Solutions PAY NOW: Seamless ACH and Card Payment Processing + Includes all the digital payment options you need, with transparent fees. + One payment link to securely accept online credit card, debit card, or ACH/EFT/e-Check. + Simple to use recurring payment schedules (US only). + Credit card surcharge paid by the client. PAY OVER TIME: Enhance Cash Flow with QuickFee Finance + Client financing solution exclusive to QuickFee. + Firms get paid in full while clients get flexibility to pay over time (and manage their cash flow). + Monthly payment plans available for clients with 3, 6, 9, or 12-month terms. + No cost to the firm. + With more access to funding, clients are more likely to buy all the services they need. CONNECT (US only): Effective Way to Automate the Entire Engagement-to-Cash Workflow + Automate your accounts receivable workflow and save hours of unbillable time. + Set automated email reminders to help clients pay on time. + Clients get personalised invoice links so they can pay in one click. + Consolidate data, documents and delivery systems across the entire engagement-to-cash workflow. + Direct, purpose-built integrations with leading practice management solutions and innovative engagement letter provider. Why firms work with QuickFee: 1. Reduce Accounts Receivable (A/R) – A/R typically runs high for professional services firms and we can help turn that A/R into cash. 2. Grow the Business – Firms can remove one reason that someone may not be able to say ‘yes’ to their services – cash flow. 3. Automate Processes - We increase efficiency for the firms we serve, while improving the client and employee experience. 4. Save Money – Firms in the US can stop spending money on credit card fees by either reducing or eliminating merchant fees. QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 3 Review of operations and activities QuickFee delivers strong revenue growth and positive EBTDA In H1 FY25, QuickFee continued its growth trajectory with strong revenue growth, a stable cost base and positive EBTDA. Total revenue was up 26% on pcp to $11.7 million, the cost base was stable, and operating profitability improved to a positive EBTDA of $0.3 million in H1 FY25, which was a significant improvement on the EBTDA loss of A$2.7 million in H1 FY24. The Australian business continued to perform well with strong lending volumes across both the traditional fee funding Finance product and the disbursement funding Finance product. The US business delivered solid growth with increased transaction volumes and positive momentum is building with the Connect subscription product. Key operational highlights for H1 FY25 + New Connect integrations with Thomson Reuters Practice CS and PracticeERP, making a total of five Connect integrations + Total of 95 firms signed up for Connect at 31 December 2024 + Invoices delivered via Connect up 38% in the first half to 29,000 vs H2 FY24 (21,000) + Strong pipeline of Connect clients to be onboarded in H2 FY25 + Gaining traction in secondary verticals including legal, government contracting, executive search and other professional service businesses + Strategic partnerships with the BDO Alliance, IRIS Software Group, Knuula and Mango are progressing well + Launched a new payment portal which offers expanded functionality beyond the traditional payment landing page + Consistent growth in Australia throughout H1 FY25 across all products, with Finance TTV per firm growing 20% to $65,000 (H1 FY24: $54,000) QUICKFEE FINANCE The Finance product allows clients to pay over 3, 6, 9 or 12 months while the firm gets paid in full within three business days at no cost to the firm, usually with no credit approval process for the client. Revenue is generated from the interest paid by the clients of professional services firms when they take out a payment plan to pay the fee invoices they receive. As revenue is recognised over the life of the loan term, TTV growth in any quarter will positively impact revenue in both current and future quarters. QUICKFEE CONNECT (US ONLY) QuickFee Connect offers a scalable Accounts Receivable solution that is designed specifically for accounting firms with a competitive subscription pricing model. It delivers an ecosystem for firms that want to build their own tech stack with deep functionality. Connect automatically emails firms’ invoices to their clients with a link to the QuickFee portal to enable all e-invoice recipients to pay over time with QuickFee’s Finance product or pay in full via EFT/Card. By delivering up to 100% of firms’ invoices electronically and directing more of firms’ clients to pay online rather than by check, Connect drives both new subscription revenue streams and increases all products’ total transaction volumes (TTV). QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 4 Review of operations and activities Continued United States US SEGMENT RESULTS H1 FY25 H1 FY24 YEAR-ON-YEAR MOVEMENT Revenue 5,631 5,146 +9% Gross profit 3,951 3,377 +17% 771 -315 +245% A$ ’000 United States EBTDA The US delivered robust results in H1 FY25 with revenue up 9% on pcp to A$ 5.63 million (H1 FY24: A$ 5.15 million), a 17% increase in gross profit to A$ 3.95 million (H1 FY24: A$ 3.38 million) and a positive EBTDA of A$ 0.8 million (excluding shared product development costs), which is a very encouraging improvement on the prior year and a major operating milestone for the company. Professional services – United States QuickFee continues to benefit from the positive industry tailwinds driving adoption of automated financing and payments solutions across professional services in the US and the market opportunity remains significant. QuickFee is gaining market traction with its unique suite of payments solutions with increased transaction volumes. Over the past year, QuickFee’s strategy has been to attract larger firms, which have the potential to deliver higher transaction volumes through its payments platform and are better resourced to modernise their internal processes. The strategic partnerships with the BDO Alliance, IRIS Software Group, Knuula and Mango are progressing well and are playing a key role in client retention as well as new firm acquisition. Over the past six months, QuickFee has acquired several large new customers in the legal vertical and is now focused on gaining further traction in secondary verticals where QuickFee has proven success including legal, government contracting, executive search and other professional services businesses. The diversification of revenue across multiple verticals, significantly expands the addressable market for QuickFee’s unique payment product suite for professional services firms. QuickFee continues to invest in new product development with the recent launch of a new payment portal with increased functionality beyond the traditional landing page. The portal will allow customers to store their ACH and Card information, set up recurring payment plans, access historical invoices, set up autopay for future invoices and easily pay multiple invoices. Operational metrics – United States In H1 FY25, transaction volumes of QuickFee’s platform continued to increase, with TTV for US Finance up 23% on pcp to US$ 16.7 million (H1 FY24: US$ 13.6 million) and for US Pay Now up 13% to US$ 705 million (H1 FY24: US$ 626 million). Total US Active Firms increased 3% in H1 FY25 to 765 (H1 FY24: 740) and total US transactions increased by 13% to 273,000 (H1 FY24: 241,000). QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 5 Review of operations and activities United States Continued US FINANCE TTV (US$M) US PAY NOW TTV (US$M) QuickFee Finance In H1 FY25, US Finance revenue was US$ 1.4 million up 17% on pcp (H1 FY24: US$ 1.2 million) and US Finance TTV was US$ 16.7 million, up 23% on pcp (H1 FY24: US$ 13.6 million). US Finance revenue yields decreased by 50 bps on pcp to 8.4% (H1 FY24: 8.9%) due to new loan originations late in H1 FY25. The US weighted average loan term in H1 FY25 was 9.6 months. The demand for QuickFee Finance remains strong, both from accounting firms and in secondary verticals, due to favourable industry trends, a unique product suite and a compelling value proposition for firms. US ACTIVE FIRMS US TRANSACTIONS IN QUARTER (000s) FY25. In H1 FY25, invoices delivered via Connect were up 38% to 29,000 half on half (H2 FY24: 21,000). Over the past six months, there has been an increase in M&A activity in the accounting industry, with private equity firms active in rolling up medium-size accounting firms. The industry wide push to increase operational efficiency is driving increased demand for automation solutions, particularly in old manual payment processes. US FINANCE REVENUE (US$ 000s) QuickFee Connect QuickFee is building momentum with the Connect subscription product with new integrations in the first half with Thomson Reuters Practice CS and PracticeERP, making a total of five Connect integrations with leading accounting practice management systems. These integrations enable QuickFee to drive transaction volume growth on the platform across the product suite and establish new recurring, high-margin revenue streams. At 31 December 2024, QuickFee had 95 firms signed up for Connect. This includes 47 live customers and a further 48 in the implementation phase and expected to go-live in Q3 QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 6 Review of operations and activities Continued Australia The Australian business continued to deliver strong results in H1 FY25 with revenue up 48% on pcp to A$ 6.09 million (H1 FY24: A$ 4.11 million). Gross profit increased 56% on pcp to A$ 3.64 million (H1 FY24: A$ 2.33 million) and EBTDA more than doubled to A$ 2.1 million (excluding shared product development costs) (H1 FY24: A$ 0.8 million). Finance TTV of A$31.7 million up 25% on pcp (H1 FY24: A$ 25.4 million) and the revenue yield on the Finance product increased by 270bps to 16.9% (H1 FY24: 14.2%), primarily due to the growth in the Australian Disbursement Funding (DF) Finance product which has higher revenue yields than the fee funding Finance product. The DF product now comprises ~35% of the total AU book. AU SEGMENT RESULTS A$ ’000 H1 FY25 YEARON-YEAR H1 FY24 MOVEMENT Australia Revenue 6,088 4,109 +48% Gross profit 3,638 2,330 +56% EBTDA 2,113 837 +152% AU FINANCE REVENUE (A$ 000S) Active Firms increased by 4% to 487 (H1 FY24: 470) and AU transactions increased by 19% to 37,000 (H1 FY24: 31,000). Demand remains strong in an economic environment of higher interest rates, as professional services firms and their clients seek to preserve their cash and improve their working capital. The ‘Q Pay Plan’ product, which provides Finance to the homeowner services market and includes the Jim’s Group Franchise agreement, saw continued growth with H1 FY25 TTV up 100% to A$ 2.8 million (H1 FY24: A$ 1.4 million). Operational metrics – Australia AU FINANCE TTV (A$M) AU PAY NOW TTV (A$M) AU ACTIVE FIRMS AU TRANSACTIONS (000S) QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 7 Financial performance First ever profitable half-year with EBTDA* of A$ 0.3 million; reflecting the results of a continued focus on higher yield products, sales execution, cost management and minimal credit losses. Revenue Group revenue was up 26% to A$ 11.7 million for H1 FY25 (H1 FY24: A$ 9.3 million), continuing the recent strong growth trend in TTV and revenue. Interest revenue was up 39% to A$ 7.1 million (H1 FY24: A$ 5.1 million) and payments and other revenue grew 10% to A$ 4.6 million (H1 FY23: A$ 4.2 million). GROUP REVENUE BY HALF-YEAR (A$ M) Higher revenue, improved gross margin and reduced operating expenses has delivered a positive EBTDA of $0.3 million for H1 FY25, up A$ 3.0 million on H1 FY24 (loss of A$ 2.7 million). REVENUE ANALYSIS SUMMARY PROFIT AND LOSS A$ ’000 H1 FY25 H1 FY24 YEARON-YEAR MOVEMENT US ACH (PAY NOW) 3,155 2,971 +6% US CARD (PAY NOW) 337 325 +4% US FINANCE (PAY LATER) 2,113 1,850 +14% CONNECT 26 - - US REVENUE 5,631 5,146 +9% AU FINANCE (PAY LATER) 5,354 3,607 AU PAY NOW 493 409 +21% AU BNPL 241 93 +159% AU REVENUE 6,088 4,109 +48% GROUP REVENUE 11,719 9,255 +27% H1 FY25 H1 FY24 YEARON-YEAR MOVEMENT GROUP REVENUE 11,719 9,255 +27% GROSS PROFIT 7,589 5,707 +33% GROSS MARGIN% 65% 62% +5% OTHER INCOME 3 3 - OPERATING EXPENSES (7,268) (8,385) -13% EBTDA * 324 (2,675) -112% DEPRECIATION & AMORTISATION (1,332) (516) +158% NET FINANCE COSTS (218) (173) +26% LOSS FOR THE PERIOD (1,226) (3,364) -64% A$ ’000 +48% * EBTDA = statutory EBITDA less interest expense on loan book borrowings. This metric deducts interest on operating borrowings but excludes other finance costs. QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 8 Financial performance Continued Expenses QuickFee’s loan book growth in the half-year led to increased borrowings, which in turn resulted in interest expense increasing to A$ 2.8 million (H1 FY24: A$ 2.1 million). Cost of sales decreased from A$ 1.5 million in H1 FY24, to A$ 1.3 million in H1 FY25; this saving of A$ 0.2 million was a result of moving our US ACH processing in house and reducing third party ACH processing fees Operating expenses were down 13% to A$ 7.3 million (H1 FY24: A$ 8.4 million), primarily driven by cost savings implemented in the first half of CY2024. General and adminstrative expenses were down A$ 0.4 million on H1 FY24; and product development costs were down by A$ 0.4 million as a result of the technology and product team restructure implemented executed by CTO Dave Moore in FY24. Sales and marketing and customer acquisition costs were down A$ 0.2 million in H1 FY25 vs H1 FY24 due to removal of non-essential staff overheads in the US. Net bad debt write-offs in H1 FY25 were A$ 16,000, 0.02% of total lending (H1 FY24: 0.14%). The average over the last 7 and a half years since FY18 is 0.14%. The provision for expected credit losses at 31 December 2024 was A$ 162,000, which is 0.3% of the total loan receivables at 31 December 2024 (30 June 2024: 0.3%). QuickFee’s professional firms guarantee their client’s borrowings for the fee funding Finance product, making the product extremely low risk and ensuring we continue to incur very low levels of bad debts across the business. The group’s depreciation and amortisation charge increased to A$ 1.3 million (H1 FY24: A$0.6 million) due to accelerated amortisation of previously capitalised costs arising from the establishment of existing borrowing facilities, expected to be replaced in the second half of FY25. The group reported a positive EBTDA of A$ 0.3 million, a A$ 3.0 million improvement over H1 FY24 (loss of A$ 2.7 million). Group loss after tax was A$ 1.2 million (H1 FY24: loss of A$ 3.4 million). OPERATING EXPENSES H1 FY25 H1 FY24 YEAR-ON-YEAR MOVEMENT GENERAL AND ADMINISTRATIVE EXPENSES 3,033 3,452 -12% SELLING AND MARKETING EXPENSES 1,082 1,200 - CUSTOMER ACQUISITION COSTS 1,278 1,374 -7% PRODUCT DEVELOPMENT EXPENSES 1,875 2,359 -21% TOTAL OPERATING EXPENSES 7,268 8,385 -13% A$ ’000 QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 9 Financial performance Continued OPERATING EXPENSES BY HALF-YEAR (A$ M) HALF-ON-HALF FINANCIAL PERFORMANCE A$ ’000 H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25 GROUP REVENUE 6,879 7,887 9,255 11,040 11,719 GROSS PROFIT 4,456 4,905 5,707 6,920 7,589 GROSS MARGIN % 65% 62% 62% 63% 65% OTHER INCOME 100 51 3 2 3 OPERATING EXPENSES (8,246) (7,796) (8,385) (7,426) (7,268) EBTDA (3,690) (2,840) (2,675) (504) 324 DEPRECIATION AND AMORTISATION (567) (560) (516) (602) (1,332) NET FINANCE COSTS (157) (262) (173) (196) (218) LOSS FOR THE PERIOD (4,414) (3,662) (3,364) (1,302) (1,226) EBTDA BY HALF-YEAR (A$M) QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 10 Financial performance Continued Balance sheet remains strong Net assets at 31 December 2024 amounted to A$ 7.7 million (30 June 2024: A$ 8.5 million). At 31 December 2024, the Company had A$ 3.5 million unrestricted cash on hand, with borrowing growth capacity of a further A$ 21.5 million from existing facilities available to fund future loan book growth. The Company keeps cash on hand to the minimum required to run the business, in order to minimise borrowing costs. The group remains well funded with adequate liquidity and growth capacity. The strong growth in the Finance product in the US and AU and the AU BNPL product has meant our total loan book has grown 16% to A$ 64.3 million at 31 December 2024 (30 June 2024: A$ 55.2 million) CASH AND LIQUIDITY 31 DECEMBER 2024 30 JUNE 2024 UNRESTRICTED CASH AT BANK (A) 3.5 6.9 CASH HELD AT BANK REPRESENTING FIRMS' OUTSTANDING ACH SETTLEMENTS 11.9 6.6 TOTAL CASH AND CASH EQUIVALENTS 15.4 13.5 GROWTH CAPACITY (FURTHER BORROWINGS FACILITY HEADROOM) (B) 21.5 19.6 TOTAL UNRESTRICTED CASH PLUS GROWTH CAPACITY (A + B) 25.0 26.5 A$ M AU LOAN BOOK A$ M US LOAN BOOK US$ M QuickFee QuickFeeLimited Limited // Interim Report / 31 December 2024 2024 11 Financial performance Continued Outlook: The growth potential for QuickFee’s comprehensive payments portfolio remains substantial. The Australian business continues to perform well in a mature market, with ongoing opportunities for expansion of both the fee funding product and the disbursement funding product within the existing client base and through new firm acquisition. The US market continues to be where the largest growth opportunities lie, given the market size and the lagging adoption of digital payments by professional services firms. In H2 FY25, QuickFee will continue to focus on further growth in its highest yield product QuickFee Finance as well as QuickFee Connect. Transaction volumes on the Connect platform are expected to further increase through the integrations with leading accounting practice management solutions and are generating recurring revenue streams through its subscription model. In addition, QuickFee will continue to target secondary verticals, deepen relationships with strategic partners and develop new white label offerings. With disciplined management of the cost base and the careful deployment of resources, QuickFee will leverage its scalable model to take advantage of the significant upside potential over the years ahead. QuickFeeLimited Limited // Interim Report / 31 December 2024 QuickFee 2024 12 Directors’ report For the half-year ended 31 December 2024 Your directors present their report on the consolidated entity consisting of QuickFee Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Throughout the report, QuickFee Limited is referred to as the ‘company’, or ‘group’ when including its subsidiaries comprising the consolidated entity. This directors’ report covers the period from 1 July 2024 to 31 December 2024 (H1 FY25). The comparative period is from 1 July 2023 to 31 December 2023 (H1 FY24). Directors The following persons were directors of QuickFee Limited during the whole of the half-year and up to the date of this report: • Dale Smorgon, Non-Executive Chairman • Bruce Coombes, Executive Director and Managing Director, Australia • Michael McConnell, Non-Executive Director Review of operations Information on the operations and financial position of the group and its business strategies and prospects is set out in the review of operations and activities on pages 1 to 12 of this interim report. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 14. Events occurring after the reporting period No matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial periods. Rounding of amounts The group is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts in the directors’ report and financial statements. Amounts in the directors’ report and financial statements have been rounded off to the nearest thousand dollars, or in certain cases the nearest dollar. This report is made in accordance with a resolution of directors. Dale Smorgon Non-Executive Chairman 21 February 2025 QuickFee Limited / Interim Report / 31 December 2024 13 Auditor’s independence declaration For the half-year ended 31 December 2024 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of Quickfee Limited As lead auditor for the review of Quickfee Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Quickfee Limited and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 A. A. Finnis Director Melbourne 21 February 2025 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 vic.info@williambuck.com williambuck.com.au William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. QuickFee Limited / Interim Report / 31 December 2024 14 QuickFee Limited ABN 93 624 448 693 Interim Report – 31 December 2024 Contents Financial statements Consolidated statement of profit or loss and other comprehensive income 16 Consolidated statement of financial position 17 Consolidated statement of changes in equity 18 Consolidated statement of cash flows 19 Notes to the financial statements 20 This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by QuickFee Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. QuickFee Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is at Suite 4.07, 10 Century Circuit, Norwest NSW 2153. Its shares are listed on the Australian Securities Exchange. QuickFee Limited / Interim Report / 31 December 2024 15 Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024 H1 FY25 H1 FY24 NOTES $’000 $’000 2,3(a) 11,719 9,255 2(a) (2,792) (2,055) Cost of sales (1,338) (1,493) Gross profit 7,589 5,707 Other income 3 3 General and administrative expenses (3,033) (3,452) Depreciation and amortisation (1,332) (516) Selling and marketing expenses (1,082) (1,200) Customer acquisition expenses (1,278) (1,374) Product development expenses (1,875) (2,359) Operating loss (1,008) (3,191) Net finance costs (218) (173) (1,226) (3,364) Income tax expense – – Loss for the period (1,226) (3,364) 16 (89) (1,210) (3,453) CENTS CENTS (0.4) (1.2) Revenue Interest expense Loss before income tax Other comprehensive income Items that may be reclassified to profit or loss: Exchange differences on translation of foreign operations Total comprehensive loss for the period Loss per share for loss attributable to the ordinary equity holders of the company: Basic and diluted loss per share 9(a) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. QuickFee Limited / Interim Report / 31 December 2024 16 Consolidated statement of financial position As at 31 December 2024 31 DECEMBER 2024 30 JUNE 2024 NOTES $’000 $’000 15,436 13,551 4(a) 62,978 54,004 Trade and other receivables 726 761 Other current assets 499 761 Total current assets 79,639 69,077 1,356 1,198 254 – ASSETS Current asset