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RNS Number : 5272V
31 January 2017
31 January 2017
("Earthport" or the "Company" or the "Group)
Earthport (AIM: EPO.L), the leading payment network for cross-border payments, is pleased to provide an unaudited trading update for the six month period ended 31 December 2016 ("H1 FY17").
Financial and Transactional Highlights
-- Revenues expected to be approximately GBP14.3 million (H1 FY16: GBP10.6 million), an increase of 35%
-- Transactional revenues comprised more than 95% of total revenue
-- Gross margin at approximately 70%
-- Cash balance at period end was approximately GBP11.4 million
-- Number of transactions in the period increased to 5 million, an 80% increase from H1 FY16
o December 2016 set a record month for the number of transactions in the Company's history
-- Payment volume reached $7.8 billion, an increase of more than 96% from H1 FY16
Earthport remains committed to its long term strategy of continuing to develop the world's leading cross border payments platform. The Board is encouraged by the recent developments within the Company, particularly in relation to the increasing transaction and aggregate payment volumes being placed through Earthport's platform by its clients.
Hank Uberoi, CEO of Earthport commented: "We accomplished a number of important developments in the six months under review, including expanding our strategic relationship with BofAML and providing outbound payment service capabilities to the extensive Indian market. The performance of the business in the past six months has been encouraging with a substantial increase in the number of transactions and payment volumes resulting in strong revenue growth. This positive momentum, coupled with our solid market positioning, gives us confidence of further successful growth going forward."
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Newgate 020 7653 9848
Bob Huxford / Helena Bogle
N+1 Singer (Nomad and Joint Broker) 020 7496 3000
Mark Taylor / James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma/ Toby Gibbs
Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 60+ countries and an evolving suite of currencies and settlement options.
Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.
The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.
Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.
Please visit www.earthport.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
(END) Dow Jones Newswires
January 31, 2017 02:00 ET (07:00 GMT)