Earthport Provides Trading Update

Earthport Provides Trading Update
31.01.2017 09:15 am

Earthport Provides Trading Update

Payments

Earthport, 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 £14.3 million (H1 FY16: £10.6 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 £11.4 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

Summary

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.” 

Related News

Regulation gives boost to card acceptance in Europe

Regulations and ongoing rollouts of contactless terminals at the point of sale are boosting card acceptance networks... Read more »

Appian Helps Banks Automate Lending under the CARES Act Payment Protection Program (PPP)

Appian (NASDAQ: APPN) today announced an application that enables banks to accept and manage PPP loan applications from small businesses, support their unique servicing... Read more »

PPS Powers koto – The First E-money Account to Provide Credit

PPS, formerly PrePay Solutions, and subsidiary of Edenred, the everyday companion for people at work, has today... Read more »

Uber Eats partners with Mastercard to commit an additional 40,000 meals for NHS staff

From today, an additional 40,000 free meals will be available to NHS heroes on Uber Eats.

Together, Uber Eats and Mastercard hope this will help reduce the pressure on... Read more »

MuchBetter and Winwatch launch world’s first analogue watch with “payment glass”

Payments app MuchBetter and Swiss watch smart glass provider, ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel