Source: Earthport
Earthport (AIM: EPO.L), the leading payment network for cross-border payments, is pleased to provide an unaudited trading update for the fiscal year ended 30 June 2017 (“FY 2017”).
Financial Highlights
• Revenues grew by approximately 33% to £30.3 million (FY 2016: £22.8 million)
o Approximately 90% of the revenue growth was driven by the existing client base
o Transactional revenues comprised 95% of FY 2017 total revenues
• Adjusted gross profit1 increased by approximately 30% to £20.7 million (FY 2016: £15.9 million)
• Adjusted gross margin1 decreased by approximately 2% to 68% (FY 2016: 70%)
• Administrative expenses decreased approximately to £25.5 million (FY 2016: £25.8 million), representing 84% of revenues (FY 2016: 113%)
• Adjusted EBITDA2 loss decreased by approximately 65% to £2.4 million (FY 2016: £6.9 million)
• Cash Balance at 30 June 2017 amounted to £11.9 million, compared to £14.4 million at 30 June 2016
Operational & Transactional Highlights
• Monetary value of transactions processed increased by 48% to $17.5 billion3 (FY 2016: $11.8 billion)
• Record number of transactions at approximately 11 million, up 67% (FY 2016: 6.6 million)
o Earthport’s payments processing platform continues to perform at a 99.9% “up-time” rate, ensuring virtually uninterrupted service for our clients
• A total of 143 new opportunities, inclusive of existing and new clients, are currently in the commercial pipeline
• Total of 10+ new countries in our Network pipeline
• Executed payments across 193 destination countries, in 49 currencies
• Average revenue per transaction of £2.64 (FY 2016: £3.12)