Financial Highlights

· Revenue grew by 172% to £9.02 million (H1 2014: £3.32 million)

• On a like-for-like basis, revenue increased by 102%, demonstrating an acceleration in underlying business performance

· Net cash used in operating activities decreased by 30% to £2.10 million (H1 2014: £3.02 million)

· Gross profit increased by 175% to £7.04 million (H1 2014: £2.56 million)

· Gross margin broadly consistent at 78% (H1 2014: 77%)

· Adjusted operating loss decreased by 32% to £2.26 million (H1 2014: £3.30 million)

· Loss before taxation excluding the unrealised fair value loss adjustment of £1.25 million arising on the period end translation of unsettled transactions, decreased by 15% to £4.12 million (H1 2014: £4.83 million)

· Loss before taxation increased by 11% to £5.37 million (H1 2014: £4.83 million). This includes:

• Administrative costs of £9.29 million (H1 2014: £5.87 million), share based payment charge of £1.89 million (H1 2014: £1.03 million) and an adjustment of unrealised fair value loss amounting to £1.25 million (H1 2014: Nil, FY 2014: unrealised fair value gain £2.27 million). These adjustments represent the mark to market of open positions at the period and year end. These gains and losses would only crystallise in the unlikely event that any parties to the transactions default. The board does not expect this loss to be realised as was the case for the unrealised fair value gain of £2.27 million at 30 June 2014

· Cash balance at 31 December 2014 amounted to £32.52 million (31 December 2013: £8.19 million)

Operational Highlights
· Strong operational progress:

• 17 new custonal progress:

   

  • 17 new customers were signed in the period (H1 2014: 12), including some of the world's largest global institutions
  • 8 customers went live in the period (H1 2014: 8)

  · Growing pipeline of 32 customers under contract and in implementation stage ahead of going live (H1 2014: 20)

  • With many clients yet to be fully implemented, and with several in advanced stages in the pipeline, there is significant embedded revenue potential
  • Diversification of client categories, including digital commerce gateways and mobile wallets, are expected to bring new sources of revenue

  · Robust network and product expansion continues

  • 5 new payment corridors were added to Earthport's network

  · Recent awards confirm Earthport's status in the Fintech industry

  • Quoted Company Awards 2015 - Technology company of the year
  • FS Tech - B2B Payments Innovation of the year
  • FinTech 50 - Game-changers "transforming the future of finance"

  Post Period Highlights
  · New additions to the senior executive team include:

  • Daniel Marovitz (President of Europe)
  • Mia Shernoff (Global Head of Marketing and Market Development)

  Hank Uberoi, CEO Earthport plc commented: "We are delighted with the continued progress that Earthport has made in the period resulting in accelerated revenue growth and decreased cash consumption. Whilst transactional and professional service revenues have increased, we have also made significant progress in the expansion of our network, payment capabilities and world-class leadership team. Our pipeline of new customers continues to grow whilst significant embedded revenue potential remains a large opportunity with existing clients. We are therefore confident of a successful full year and beyond." 

  Read the full statement