Zip shuts down Singapore, dumps business products for profit
He said the valuation and focus of the business had changed since the deal was announced in February and “no longer stands for commercial reasons”. “Not having the distractions of integrating other businesses allows us to focus on our core business,” said Gray. Zip submitted its fourth-quarter results update early Thursday, pledging to reduce its offshore footprint, including exiting Singapore immediately and closing its lending business unit. Revenue jumped 27 percent compared with a year ago to $160.1 million and margin on cash transactions increased to 2.4 percent from 2.3 percent in the third quarter. “In line with its strategic objective to focus on the core markets of Australia and New Zealand and the US, this quarter Zip continued to make changes and decisions to precisely measure its global footprint and reduce the group’s cash outlays,” chief executive and founder Larry Diamond said in a statement. The news sent Zip shares up another 3 percent to 68¢ early Thursday, for a tota