Financial Highlights

· 161% growth in revenue to £10.82 million (FY 2013: £4.14 million)

o Includes eight months contribution from Baydonhill ltd ("Baydonhill") acquisition. On a like-for-like basis, revenue increased by 67% demonstrating an acceleration in underlying business performance

o Significantly increased revenue growth in the second half of the year

o Approximately 11% of revenues were attributable to professional services (FY 2013: approximately 19%)

o The growth in revenue from the ten largest clients was up 119% (FY 2013: 34%)

· 159% growth in gross profit to £8.25 million (FY 2013: £3.18 million)

· Net cash used in operating activities decreased to £4.36 million (FY 2013: £5.91 million), including £0.44 million of exceptional acquisition costs

o Excluding acquisition costs the net cash used decreased by 34%

· Loss before taxation decreased to £6.33 million (FY 2013: £8.13 million), this includes:

o Administrative costs of £14.37 million (FY 2013: £9.68 million) which increased primarily due to the acquisition of Baydonhill, warrant costs of £0.32 million (FY 2013: £nil), share-based payment charge of £1.75 million (FY 2013: £1.65 million), exceptional items of £0.44 million (FY 2013: £nil) and an adjustment of unrealised fair value gain amounting to £2.27 million (FY 2013: £nil)

· Loss before tax excluding the unrealised fair value adjustment of £2.27 million arising on the year end translation of unsettled transactions, amounted to £8.60 million (FY 2013: £8.13 million)

· Cash and cash equivalents at 30 June 2014 of £9.46 million (at 31 December 2013: £8.19 million, at 30 June 2013: £13.42 million)

Operational Highlights

· Execution of the transformation strategy covering client acquisition, network enhancement and operational performance on track


· Earthport positioned as a leading global payments network covering 63 countries as at 30 June 2014 (FY 2013: 58)

· The year marked the establishment of Earthport as service provider of choice in the banking sector, with 2 of the top 5 global banks, and 4 of the top 20 US banks being added to its client base


· 33 new clients signed during the year (FY 2013: 21), including Bank of America Merrill Lynch, HSBC, State Street Corporation, PNC Bank, Aktif Bank and World Remit

· 14 clients went live during the year (FY 2013: 13), with another 25 clients under contract and in implementation stage ahead of going live (FY 2013: 7) demonstrating significant embedded revenue potential

Post Year Highlights

· Membership agreement signed to partner with Eurogiro, in July 2014

· Forward purchase agreement of minority stake in ASPOne to reinforce existing supplier relationship, in August 2014

· Successful equity placing raising gross proceeds of £26.6 million ($43.43 million), in September 2014

· Contract with Standard Chartered, in October 2014

· Contract in new market segment - prepaid cards - with Banco do Brasil, in October 2014

Hank Uberoi, CEO of Earthport plc, commented: "The strategy that Earthport embarked on back in 2010 is now showing strong results. Over the last 18 months Earthport has been investing in its people, technology, banking network, and operational infrastructure. At the same time, we have significantly accelerated our efforts towards client acquisition. Today, we are proud to be embarking on partnerships with some of the leaders in the banking industry, the global remittances industry and the e-commerce industry.

"Our product positioning, extensive market opportunity and prospects within our global client base, provide us with ongoing confidence for accelerated growth going forward. Earthport is well positioned to achieve the status of being the de facto industry standard for global high volume payments in the coming years."